Dealers note an expiry at 1.3975 at 14:00 GMT. As we’ve often noted, markets tend to gravitate toward large option strikes in the absence of larger offsetting factors.
US equities have opened a shade lower, giving back their small gains from yesterday while oil prices are back below the $64.0 level.
Turning to Fibos, we’ve retraced better than 38.2% of the morning rally to 1.4050 already. The 50% retracement comes in at 1.3975.
