We’ve been unable to ferret out the source of the selling at 1.2920 but that level is providing a firm cap so far in intraday trade. Looks as though the G7 will be a snoozer with little change on wording of the FX piece expected and no trip to the woodshed for the UK as had been feared.
Should US stocks turn higher, perhaps we have a chance to trigger stops building above 1.2920 and again above 1.2940.
