Yesterday I posted a piece that set out the prevailing range in GBPUSD and noting more bids coming in at 1.6050. Once again I was in sell rally mode and this has proved a successful play and I squared up down there
Currently 1.6075 after holding 1.6050 and then 1.6060 in Asia the picture is slightly muddied by EURGBP holding the top end of the offers at 0.7925-35 that I also highlighted. Should this pair remain capped then we can expect some bids underpinning cable. If EURUSD does turn back lower though then 1.6050 comes under pressure again and a break will undoubtedly trigger stops
UK CPI on the menu at 08.30 GMT so we wait to see any direction going into that release but I remain a seller overall.
