The pair has been in bullish mode as we wait on the ECB 8 Dec
Currently 1.0797 with reported barrier option defence at 1.0800 along with large vanilla expiries there today.
The decent supply has sent EURGBP down to 0.8508 after failing to breach 0.8535 earlier and that's pushed GBPUSD up to 1.2703 as I type after an early look below 1.2620.
Short covering of euros in case we get hints of tapering now running into serious resistance to frustrate the bulls.
Remember that the "vanilla" options are still in play right up to expiry at 15.00 GMT on the day even if breached in the meantime, unlike barrier options. That means we could still push back toward 1.0800 after any ECB-led further rally.
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