The GBP/USD dropped over 10% shortly after Brexit. While we've had some stabilization since then, prices are still relatively low as can be seen on the chart below. The weekly Stochastic Oscillator is still in oversold territory at 14.
Let's take a look at the lower timeframe chart. Cable hit a low of 1.2797 in the Brexit aftermath. Later on prices retraced to a high of 1.3480 and we're currently quoted at 1.3233. The 4H chart shows a choppy but undeniably upward sloping movement.
The weekly is …
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