Buyers are taking back technical levels
The GBPUSD is sharply higher after UK PM May’s speech on Brexit today.
The price action has taken the pair from a low of 1.2116 to a high of 1.2346 (230 pips in total). In the process, the price has moved back above the 1.2200 level (was near lows from Dec 27 and Jan 4 weeks) and also above the 100 bar MA on the 4-hour chart at 1.22378, the 38.2% retracement at 1.2287. The 1.2307 to 1.2311 area has been a swing area going back to mid November (see red circles). That is now close support/risk for the longs in the market. Stay above is more bullish.