Initial powerful selling yesterday took GBPUSD to the most negative levels traded for 12 months. But that downside was almost equally aggressively reversed to leave prices only marginally lower from open to close. Overall, in fact, there has been only minor movement over the last 5 days.
Although this means that sentiment is not strong, yesterday's bounce sets the tone for intraday signals with a move above the key 13 day moving average increasing positive momentum targeting 1.6024 and 1.607.