Cable pops 1.3300 in a rush as EURGBP dives through 0.8900

Author: Mike Paterson | Category: News

Strong gains for the pound as Europe gets fully underway 13 Oct

No prime movers but the general perception is that the EU might be making a more conciliatory stance as highlighted again in my earlier post.

Could equally be an early session stop hunt but either way we've seen 1.3300 now breached to post 1.3313 with EURGBP down to 0.8889.

Decent GBPUSD demand building between 1.3250-60. Next line of offers/res 1.3320-30 then larger into 1.3350. EURGBP offers/res 0.8925-30. Support/bids next at 0.8870-80

Yen demand notable right now with GBPJPY down to 148.55 from 149.00 as USDJPY falls through 112.00. EURUSD sold to 1.1222 as EURJPY tumbles to 132.20

I warned in some comments earlier that caution well advised today and so far that's indeed the case. As I said to a couple of readers yesterday in various post discussions, if in doubt stay out. Rarely any prizes in FX trading for bravery or indeed stubbornness. No one says you have to trade every day.

Making/saving money is, after all, a percentages game which requires great discipline, not to mention a good dollop of luck.