GBP/USD: Barrage Of Vol, Bears Take Control

Yesterday’s UK vote was a time to throw micro technical level out of the window as vol picked up. Relatively lower levels of vol today, so expect micro techs off hourly to be more respected.
The latest swings worth over 3c. in either direction are a clear testament of the poor liquidity and algo-induced intervention in a market fully driven by a Brexit headline by headline basis.
The latest aggressive sell-off, combined with a double rejection off 1.3150 clearly states the bearish intentions of the market amid the defeat of UK May’s Brexit agreement in parliament.