GBP/USD has broken the near 150 pip rally on the 12th June which sent the pound on its merry way to near 1.72.
GBP/USD Daily chart 08 08 2014
1.6735/40 is the next half decent support level ahead of the stronger 1.6700 area. The bulls won’t be overly enthralled by a close below 1.68 and that’s seen some further liquidation of longs. With the dollar more or less asleep now we could be moving towards that trade set up on the BOE minutes I mentioned the other day.
Despite the fall in the quid EUR/GBP is still finding it tough to break 0.8000 and 0.7996 is the high so far. I can’t resist it and have taken a short here with a stop at 0.8010
