The NA session has brought with it some euro supply again 29 Jan
Earlier in my EURGBP orders post I highlighted growing demand building around 0.8770 and the threat of month-end BUBA demand and from there we suitably rallied to 0.8816 .
Now amid general EUR supply with EURUSD falling to test 1.2350 and EURJPY breaking down to 134.35 after chewing through 134.80 support/demand we're seeing a re-test of 0.8770.
A break lower here should signal a test of the next real line of demand at 0.8750 and that in turn will continue to underpin GBPUSD as we've seen in this move lower from 0.8800. Of course the reverse will be true should 0.8770 hold again. Keep an eye on both pairs as always.
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