Here is the four-hour chart of GBP/USD going back to December 12.
GBPUSD 4 hour
That’s six weeks of trading hell.
Today it’s now testing yesterday’s high in a strong reversal on broad USD selling but this is the kind of chart where you do not want to get involved until it definitively breaks.
If it can get through the December high of 1.2828, it would be the highest since July and a nice breakout.
The Bank of England today was incrementally more dovish but hardly at the point where you can say rate cuts are imminent.
Update: SocGen recommended buying Vol Straddle on GBPUSD today because it’s unusual for it to trade in a range for such a long time. I can’t argue with that.
h/t @paul.