GBP/USD hits a 700 pip air pocket It's madness in the markets as the bottom falls out of the pound. The bids have been pulled with no buyers on the downside as the Brexit trade capitulates. A lot of times something like this is a bottom but all those politicians who patted themselves on the back for avoiding disorderly markets after the vote better have another look. We haven't seen this kind of move a major currency on no news (at least I think there's no news) in a long time. (full story)