The pound wins for hottest moves in the market today, and it is because of mass selling of the GBP pairs compared to other currencies. NZD is the second most volatile at the time of writing this, but one GBP pair leads as the biggest mover at a 0.7% drop for the day. Short sentiment comes back to haunt the USD again, and the pound is the biggest beneficiary for the day.
GBP/CHF
GBPCHF on the 4H timeframe collapses 0.7% after a strong day of gains last Friday. This pair is the hardest mover as of today with price swiftly moving to hit a rising trend line on this chart. This sharp correction could just be short term bearish sentiment on the pound from most investors taking profits after a long day of gains. Heavy resistance sits around 1.27971 if trend continues to the upside.
GBP/CAD
GCAD down over 0.6% this morning as price hits support in the 1.70290s. The pair keeps making higher highs on this timeframe, but is now having to face the 200 SMA serving as resistance in the 1.71500s. if price doesn't sustain this level of support, it might not see a bottom until the high 1.68600s.
GBP/AUD
This pair is down -0.68% on the day and tells a similar story to the others analyzed in this article. The pair hit mild support on this timeframe, but price action still looks like a falling knife. Additional support lies on the rising trend line, and it looks like we will likely see the candles reach there.
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