EURGBP supply helping to underpin GBPUSD 17 Nov
A decent battle going on around 1.3250 so far with the earlier retreat from 1.3245 finding demand around 1.3230 then bouncing back to 1.3254. All from a base of stops being triggered through 1.3210 in Asia.
1.3248 as I type with EURGBP at 0.8907 still under pressure as German coalition talks continue into the weekend after missing yesterday's deadline. I think caution advised selling cable here on that premise along with softer USD tones but small shorts here around 1.3250 should provide some value and build on further rallies.
EURGBP has a few bids/support at 0.8900 then larger into 0.8880.
Decent option expiry interest 1.3300 today which I guess will provide a stronger cap. Patience could be a virtue here for cable sellers but similarly longs shouldn't be getting carried away just yet.
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