Just a quickie before I head away to highlight the soft tone to GBPUSD still
Now posting session lows of 1.6105 after failing to hold a few rallies into 1.6125.
Bids at 1.6100 the next challenge and more behind that at 1.6085
I still say we see the pair lower and remain small short having just picked some up down here but further moves limited before FOMC. After that we’ll re-appraise but I’ll be a rally seller between 1.6180-1.6200 should we get back up there and into 1.6150 should we stall there. A move above 1.6235 probably calls for a re-assessment depending on the FOMC small print.
If we get less dovish tones then we can’t rule out 1.6000 or even a test of recent lows into 1.5950
GBPUSD orders 29 Oct
