A soggy session so far for pound pairs 23 Jan
Excitement about soft Brexit has helped underpin the pound recently and indeed in that time we've taken out GBPUSD barrier option interest at 1.3900 and now 1.4000.
Job done now? Definitely too early to say with USD fragility still in play but we've seen a few sellers return to post lows of 1.3942 so far. That barrier option supply seems to be taking its toll and noticeable that we didn't get a stop-loss spike higher as we did recently at 1.3900 and on the 1.2300 EURUSD barrier.
Ours is not to reason why, ours is just to sell and buy, and amid all the noise we're still in jobbing territory with pips to be had both sides of the price from whichever side you play it. This is probably no more than a justifiable taking of some money off the table.
EURGBP has found buyers around 0.8760 and now 0.8773 while GBPJPY sits near session lows at 154.82.
I continue to look for GBP rally-sell opportunities such as we've seen now at 1.4000.Trade your side as you prefer but let's not get too carried away about any of it just yet.
