Sterling Plunges Post-BoE- Support in View

GBP/USD plunged nearly 1% today with the post-BoE plunge taking the pound back into yearly open support at 1.2731- looking for a reaction here.

A weekly close below this threshold would threaten a test of the July open / 200DMA near 1.2640 and the 61.8% retracement at 1.2584- look for a larger reaction there IF reached.

INtiial resistance now back at 1.2273-1.2816 with near-term bearish invalidation now set to this week's high.

US Non-Farm Payrolls on tap tomorrow- watch the weekly close here.

Michael Boutros
Sr. Technical Strategist
MBForex