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It's a familiar tale again as EURGBP demand adds to downward pressure on GBPUSD
Yes yes I know it's boring but it's profitable and, as I've been banging on about selling GBP rallies and buying EURGBP dips, we can still go with the flow.
Fresh highs of 0.8057 drive GBPUSD down to 1.4182 just ahead of the next batch of bids with tech support into 1.4160-70.
EURGBP has good resistance and offers up here ahead of the Sept 2014 highs of 0.8066 and that may help stall this latest wave of GBP supply.
GBPJPYselling is also very much in play and with USDJPY finding demand into 110.00 it's understandable that the pressure must be on the other core pair, in this case GBPUSD.
Cross trades are invariably "legged" by those needing to lay off the deal and that means flows through the core pairs.
Any questions pertaining to this then please fire away in the comments section.
Author: Mike Paterson
Yes yes I know it's boring but it's profitable and, as I've been banging on about selling GBP rallies and buying EURGBP dips, we can still go with the flow.
Fresh highs of 0.8057 drive GBPUSD down to 1.4182 just ahead of the next batch of bids with tech support into 1.4160-70.
EURGBP has good resistance and offers up here ahead of the Sept 2014 highs of 0.8066 and that may help stall this latest wave of GBP supply.
GBPJPYselling is also very much in play and with USDJPY finding demand into 110.00 it's understandable that the pressure must be on the other core pair, in this case GBPUSD.
Cross trades are invariably "legged" by those needing to lay off the deal and that means flows through the core pairs.
Any questions pertaining to this then please fire away in the comments section.
Author: Mike Paterson
