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Bulls have breathed a sigh of relief and bears and have said thanks for another rally-sell opportunity as GBPUSD moves from 1.2350 to 1.2550, GBPJPY 138.50 to 140.65 and EURGBP retreats to 0.8530 from 0.8635Yesterday I was castigated by one reader ( maybe more for all I know) for my referring to the move lower in GBP as being GBPJPY-led and order-flow related generally. Well surprise, surprise, I'm putting the GBP move back up to equally simple factors.Yes there is little doubt that an MPC hawk comment on rate hikes sooner than expected may have helped ( not going to happen anytime soon) and technicals have understandably/correctly pointed to strong support lines on cable at 1.2350 ( and elsewhere on other GBP pairs) but at the end of the day it's still a case of more buyers than sellers or vice versa if moves are in the opposite direction.Order flow is key, none more so in these days of tight ranges ( for that is what we have in relative terms). and I often warn against over-analysing. So sometimes we just have to accept the simplicity of the market for what it is.Orders can be the straw that breaks the camel's back and can be just enough to tip the scales and trigger stops on a chain reaction which then do the rest of the job. Such an example was yesterday's move down through 1.2425 to 1.2350 and 139.20 to 138.50 in a rush where I had warned the next support lines lay waiting. EURGBP demand into 0.8585 neatly (coincidentally or otherwise) held firm and equally so did 0.8635 as the GBP supply ran out of steam. Equally we can see that a combo of technical/comments and flow helped to create such a notable reversal.So where from here ? I don't know tbh and as a jobber I don't really care. It's a case of finding value on entry and exit levels. Nothing really has changed has it? No great factor has entered the decision-making process has it? Not that I've noticed anyhow.In these days of robot-led reactive moves we need to accept that this volatility in thinner liquidity conditions is here to stay and I'll still be looking for opportunities to play GBP from the short side until otherwise convinced.Great two-way business though and once again we should remember, our is not to reason why ours is just to sell and buy. Or vice versa ofc if that's your preference!Immediate suggested ranges for the moment now, GBPUSD 1.2450-60 to 1.2550-60, GBPJPY 139.80 - 141.30, EURGBP 0.8500-0.8600
