Cable down at 1.5510 from North American close Thursday up around 1.5530. The cable bulls came close to getting through the 1.5580/00 sell orders we mentioned yesterday, but just came up short, the pairing topping out at 1.5597. As they say, “close, but no cigar.”
Today we’ve got revision to Q2 GDP data at 08:30 GMT. Initial reads +1.1% q/q, +1.6% y/y.
EUR/GBP up marginally at .8203. As I mentioned to Jamie last night, given the UK bank holiday Monday there must be a possibility we’ll see the usual month end EUR/GBP buying (related to UK payments to EU) executed today.
UPDATE: Right Ive just worked out there are 31 days in August and so Tuesday, not Monday, is last day of month. Whoops. Anyways, early anticipation of the demand could well lend the cross some underlying support. How’s that?
