GBPUSD has seen a busy beginning to the new week

The rapid rise from 1.4250 to 1.4324 earlier in the session is currently being reversed albeit with the decline a tad slower than the rise.

This is understandable given the speed of the rally that would have had many GBP shorts clutching at straws/fresh air. When these moves reverse there will always be gaps to fill especially from intra-day traders seizing a "second-chance" mentality/opportunity.

So far we've wiped feet at 1.4300 and now around 1.4280. If this area holds and EURGBP fails to recover all its gains back to the 0.7640 starting point ( currently 0.7625) then we should further cable consolidation having briefly posted below 1.4250 earlier. That level remains a good line in the sand.

Still no names/specifics being put to the sharp rally but we can assume this was order/flow driven that caught a sleepy start-of-week market on the back foot.

Anyone with any additional info please feel free to share in this thread.