Can the dip to the midpoint find the buyers
The GBPUSD shot up on the surprise vote by Kristin Forbes to tighten by 25 bps at today’s BOE meeting. The price moved up to a high of 1.2371 – the highest level since March 1st. Remember, the GBPUSD was lower on 11 of 13 days. That move took the price from a high of 1.2569 to 1.2108 (on Tuesday). The last two days has seen more than 50% of that move retraced.