Apart from the offers at 1.7000-10 that I’ve been highlighting we’ve also seen down pressure on cable through EURGBP finding a few buyers having foiled attempts to crack 0.7900 over the past 24 hours
Regular readers will know that the pair sees month-end buying interest from the BUBA to convert the UK’s EU membership fees and we can safely assume that a few players will be front-running that demand usually filled on the last day of the month
Currently 0.7920 we’ve posted 0.7925 but failed to crack the offers so we’ve seen bids reappear on cable right on its own base aropund 1.6965 to post 1.6972 as I type
Like I often say, forex isn’t rocket science and the interaction between these pairs can not be underestimated
