Better than expected UK services PMI data helping GBP pairs 5 March
GBPUSD now posting new session highs of 1.3827 after the initial move to 1.3805 from 1.3785 was faded but buyers prevailing.
Help being given to the pound from GBPJPY dip demand into 145.00 as USDJPY finds some option-related support to post 105.62 from 105.35 seen in early Europe. GBPJPY sellers into 145.40. Also GBP demand from EURGBP dipping to 0.8908 from 0.8930 as the EURUSD rally runs out of puff. Support/demand nearby at 0.8900 with more into 0.8880
GBPUSD option expiry interest at 1.3830 should provide some sell interest but we know it takes two to make an option contract so we might see p/a pinned around there for the moment as defence from the buy side plays out too.
All in all we're ranging still behind the noise with Brexit still on the front page after May's speech and her compromised tones lending a little support on hopes of a softer Brexit.
GBPUSD
GBPJPY
