The GBP/USD has made a direct bounce prior to MPC Official Bank Rate Votes. The bullish impulse is still a retracement in downtrend. According to Dominic Raab (Secretary of State for Exiting the European Union) Brexit Deal might be expected by Nov 21.
This headline sparked a huge bullish momentum in the GBP but don’t forget that we have Super Thursday event today. The vote for interest rates and governor Carney comments along with MPC statement will decide the next move in the GBP/USD.
Technically 1.2915-35 zone is the selling spot for the GBP/USD Considering huge bullish momentum, this move could extend 1.2980-1.3000. Rejections might target 1.2878 and 1.2817. Depending on the interest votes and MPC statement next move should be decided. If the GBP/USD spikes above 1.3060 then the uptrend has been shaped up again. At this point 4h chart points down to possible rejection.
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Many green pips,
Nenad Kerkez aka Tarantula FX