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You can read the part 1 of this articles in NFA-Introduction to Forex
How does the off-exchange currency market work?
The off-exchange forex market is a large, growing and liquid financial market that operates 24 hours a day. It is not a market in the traditional sense because there is no central trading location or “exchange.” Most [...]

In my 4 hour time frame I see GBP/USD consolidate since August 24. Last week it broke 2.0234 which I interprete as a sign that it will keep going south in the next swing. It is possible that it will continue to 1.9900 level. However since the price momentum showing an oversold situation, a retracement [...]