Article 50 Was Triggerred Or Much Ado About Nothing

 Despite my expectations that the news about the triggering of Article 50 would cause a new sharp move to the downside for the British currency, and despite most people’s expectations that I read about – said news did not have any particularly impressive effect on the movement of the GBP.

GBP/USD and EUR/GBP practically remained range-bound, which means that the news has already been traded.

Under such circumstances we could only turn to technical analysis.

Regarding GBP/USD – the pair I prefer trading, I think that there will be a drop to 1.2250 – 1.2200.
I also think it is possible for the drop to deepen and for the pair to continue toward 1.2000 – 1.1970, i.e. toward the support marked by the red trend line.

For now it seems that the range will continue for a little while longer, until the market picks a direction.