GBP/USD In 400 Pip Range

(Click on image to enlarge)

Source: Tradingview, FOREX.com

As for support, there really isn’t much until the psychological round number at 1.2000. Below that is the previous band of resistance between down to 1.1860. There is also horizontal support near 1.1640. The final support level is the low from March 20th at 1.1410.

(Click on image to enlarge)

Source: Tradingview, FOREX.com

If traders dare to enter a GBP/USD position, be ready for volatility and some massive moves. Make sure to watch for sudden changes in the DXY as well, as these two currencies are almost perfectly negatively correlated. A change in the direction of the DXY could mean a change in direction for the GBP/USD!

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