It’s been tough to sell the teflon-armoured multi ccy this week but we’re starting to see a little pressure being applied again after the pound has felt the initial force.
EURUSD now down to test good support around 1.3580 and EURGBP has capped for the moment at 0.8476 ahead of the strong sell order interest at 0.8480 ( and yes I have gone short up there as promised. and yes that means I will come out in a nasty rash being brought on by being long of pounds. But luckily it’s only a short-term play ! ). GBPUSD has picked up some support at 1.6030 on the back of the EURGBP offers.
Whether frantic friday trading will be enough to shake out more euro-longs remains to be seen, but if it is then we can expect a lively end to the week.
