I warned before the release about the market potentially being caught short and so it proved.

Large barrier option at 1.6250 proving a step too far previously and now a line of resistance at 1.6235

forex market GBPUSD offers 3 October 2013

GBPUSD offers 3 October

EURGBP looks bid to me ( and indeed to Ryan) and this is likely to have been behind the cable selling earlier on down through 1.6200.

The teflon-coated EURUSD is looking supported again above 1.3580 but can’t find the legs to move through the 1.3625 sell interest, and this is capping cable too.

Delicately poised again but I reckon a buy on EURGBP looks fave with a re-appraisal should cable pop 1.6250. Plenty more sellers above there though that should keep the cross underpinned.