Looks like there’s no real second wave of buying to seriously challenge the resistance/offers between 1.6900-10 so now we wait to see how far we retreat or stay within spitting distance of another attack
Currently 1.6882 after 1.6889 highs. Bulls and bears will both take some comfort from the price action so far.
The full services PMI report shows that employment growth slowed slightly from June’s record high but remained robust while prices barely rose, and that will give support to the argument that the BOE can not rush into interest rate hikes
EURGBP looking at those bids between 0.7925-30 but holding for the moment.. Keep an eye out for a break though. This pair remains key as ever, especially given that the euro is on the back foot again. Even if EURUSD tumbles further then EURGBP selling will provide bids on any GBPUSD fall. Holding this level will conversely add to cable supply.
