And without stealing any of Ryan’s thunder from his excellent EURUSD price action post and follow-up coming shortly we can safely say that the rallies on EURUSD and GBPUSD have run out of fizz, for the moment at least.

We gave you some good clues on the EURUSD orderboard so I hope you got on that and sold or least unloaded some longs, while GBP teased with a move above 1.6810 but any further gains were a little oxygen- thin given the next wave of large offers were not far away Not surprising really given we were at 1.6730 yesterday. Recent trading ranges tell us that no pair goes too far for too long.

Hindsight ? Not really, but it proves we can all be blinkered by what we want to see and not what’s staring us in the face.