Strong gains for the pound on a relief-rally following the as-expected GDP data
Overdone? Maybe, but the market is what the market does and I highlighted the 1.4350 area in my preview.
It's been a good resistance area for a while between 1.4350-70 and I don't see much to change that scenario now that a few shorts have taken some money off the table. More supply/tech res into 1.4430 which is a decent line in the sand from which to make a better overall judgement should we get there.
EURGBP demand into 0.7600 that I mentioned is also helping to cap GBP demand for the moment in what has been a lively morning for the euro.
Currently 1.4329 and 0.7614
