GBPUSD does not look good.

GPBUSD and the UK has been under pressure ever since the double whammy of receding North sea oil and the 2008 banking crisis and a low interest rate world. The UK was always viewed as a safe haven to buy UK bonds and reasonable interest rates and a place to buy mining and oil stocks, now regarded as old economy items. GPBUSD has been trashed ever since to accommodate those losses and a low margin service economy in financial services. Eventually Brexit will transform London and its surrounds into a residential and truly Global investment centre but this will take time. In fact it is not that difficult to see from the charts where we have a sideways move between 1.15 and 1.30 for a couple of years and then perhaps there is a longer lasting upwards reversal. I am not getting too excited about these sharp moves that will probably sober up around 1.23. Meanwhile the BOE will probably need to ease soon, after Brexit, so nothing too exciting yet on the horizon to support the recent upwards move.