Even with the shenanigans of the euro and the dragging down of eurgbp, the pound doesn’t look convincing.

I wrote yesterday that 1.5050 would likely support with mooted option interest and much bigger at 1.5000, and that the topside at 1.5250 should provide key resistance; so far so good.

This morning so far there was plentiful supply in the 1.5220s; there will be more in the 50s and I will be really surprised if we can get above 1.5330.

Conclusion – selling rallies would seem to be the way to go.