More pound analysis on the back of today's trading.

Well I was not expecting the move down which we have seen thus far today in the pound. However, on the back of the heightened no-deal preparations and the seeming willingness of the Johnson cabinet to enact a no-deal, it is perhaps not necessarily surprising.

Here's my chart of the day:

[Note: The trendline has nothing to do with the day's price action - I forgot to delete it before the screenshot. In fact, that was my trendline which I drew before the beginning of the day's plunges. My initial reaction was that the trendline was too steep and could not continue. Much to the contrary, it steepened further!]

From a technical point of view, today has been absolutely beautiful. You can see I have the pivot points marked up on the chart and in the chart below I have zoomed in further to the 5 minute chart.

I have used the blue squares to show the areas of resistance and support acting perfectly around the S1/S2/S3. 

You can see that the day started slowly, and then we plunged below the S1, retested, then bounced down. We then bounced off the S2, and then plunged below it, retested the now resistance at the S2, and then plunged downwards. The most perfect opportunity was the final blue box where we bounced on that S3. 

Unfortunately, I have been away from the trading desk today, and haven't been able to take advantage of any of these support and resistance tests. 

Typical.