The EU and the UK agreed on a Brexit deal, yet to be approved by May's Cabinet and UK's Parliament.
Brexit-related fundamental headlines largely overshadowing technical readings.
The British media is full of reports that a Brexit deal is all but done.
Officials still insist the agreement is not finalized.
There are growing reports that the final piece of the Brexit puzzle is about to be put in place: the Irish backstop. It began with a tweet by Tom Bradby, an anchor with ITV that said that "it sounds like the negotiators have agreed on a final text for Brexit deal. Now waiting to see if Theresa May will accept it."
Some say that GBP/USD could reverse all the Brexit losses and go back all the way to 1.5000. We will take a more cautious approach and draw the path to the next 1,400 pips: to the post-Brexit high of 1.4376.
Yet even with a careful approach, a deal is still very significant. GBP/USD may ignore overbought conditions that can be reflected on the Relative Strength Index. The initial move may be swift and slow down afterward.
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Bulls take a breather heading into a Big Brexit Wednesday
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PM Theresa May has called an emergency Cabinet meeting 2pm today to sign off draft agreement agreed with #EU negotiators in Brussels. It would be interesting to see whether all cabinet ministers will support the draft. #Brexit