Good support/demand at 1.3400 now history 27 Sept
I've been highlighting the level and now we've popped and posted 1.3394
EURGBP demand ( inc month-end BUBA buying I've also been warning about as we dipped into 0.8750 yesterday) has helped keep a lid on cable rallies and early Europe has wasted little time in pushing it through. EURGBP currently up to 0.8790
All the rate hike hype left a few bears like me somewhat quizzical as to the pace of the rally and I elected to sit it out, but the recent retreat. mostly USD demand-led, has left the pound looking for a bit of love that's been slow in arriving and I've been happy to sell rallies again.
We're not in any collapse mode but I do feel the buying spree is done for the moment and we return to focus on Brexit and other UK govt fragility.
Offers/res now into 1.3430 then more at 1.3450. Some support/demand expected at 1.3380 then 1.3350-60. I'll have the full order boards with you asap.
GBPUSD 240m
