I’m hearing that the prime seller of GBPUSD this morning has been a custody bank.
I’ve traded on behalf of a few of these over the years and the size is invariably large and a considered strategy/requirement.
In addition to holding securities for safekeeping, most custodians also offer a variety of other services including account administration, transaction settlements, collection of dividends and interest payments, tax support and foreign exchange. The fees charged by custodians vary, depending on the services desired by the client. Many firms charge custody fees payable quarterly that are based on the aggregate value of the holdings.
GBPUSD currently 1.6597 after holding the 1.6585 support so far. EURGBP soaring to 0.8385
If a picture paints a thousand words…
GBPUSD 1 Hour 18 March
