Month-end flow giving the pair a nice ride up to 1-week highs of 1.5394
Good offers/res between 1.5400-10 then more at 1.5430 with support/bids now at 1.5370 and more at 1.5350
Dangerous to stand in the way of month-end flows so patience a virtue here for sellers
EURGBP failure at 0.7200 adding to the GBP demand and currently back at 0.7182. Support/bids at 0.7170 then more at 0.7150. Decent supply/res at 0.7200 then 0.7220
Month-end brings EURGBP demand as the BUBA buys on behalf of the UK their monthly EU membership fees. Something we've highlighted here regularly.
The lag effect in the cable climb will in no small measure have been caused by the EURGBP demand
Update 14.53 GMT. Now trying to chew through the first of the 1.5400 offers
