GBP/USD: what is going on? Sterling smashed like never before by 5 big figures
|GBP/USD has fallen to the floor with sterling smashed across the board.
EUR/GBP has rallied to the 0.91 handle and the pound has dropped below the 1.23 handle to 1.2109 lows and there is not anything out there currently explaining the move. There has been a great deal of skepticism over the Brexit scenario and the pound has been soft ever since the weekend's announcements from May that there is basically no way around a hard Brexit.
Just when we were thinking we had to wait to nonfarm payrolls for any action today - Nonfarm Payrolls Preview: US economy getting closer to full employment
Technicals are blown away here but analysts at Commerzbank offered a Long term trend outlook (1-3 months): Target 1.2200, then the 1.0463, the 1985 low.
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