We’re knocking on the doors again of the recent highs of late July and mid June, and a break through 1.5800 (barrier) could quickly ignite a sharp extension up towards the May highs of 1.6200/1.6300

Support is now firming in the 1.5730/40, with some intraday sell stops just below2 1.5730. Tech support below lies at the 200 day MA at 1.5715. A couple of days closing above here , above the 100 day MA at 1.5747 should keep the upswing intact, but a break back down through the 200 day MA would likely turn sentiment down again.

Today it’s basically been a battle between hedge fund buyers, with an Asian sovereign and option related offers spoiling the party ahead of the 1.5800 barrier.

I’m putting my money on the hedge funds for what it’s worth…..

EUR/GBP’s also struggling to bounce back through last week’s highs around 0.7885 and failure to regain this level will likely lead to a retest ogf the July lows around 0.7755

GBP/USD’s presently around 1.5759