GBP/USD prepped for volatility
All eyes are on the prime minister as she prepares to issue her speech at 11.45am today (GMT). We saw a significant bounce from the lows seen at the beginning of the session on Monday, with the $1.20 level holding as support.
It is likely to be a volatile session, so the price should be treated with care. A break through $1.2150 would target $1.22 and then $1.2329, while a sudden turn south back towards $1.20 would need to break this level to open the way to $1.19 and then $1.1772.