Whilst it has been a hard slog on the topside today in EUR/USD, we have seen an easier topside path in GBP/USD. The market still appears to be caught despite the pair being up around 130 pips from the lows.
Seems an Asian central bank loaded up with GBP late in the Asian session and into early London. The finger was pointed squarely at the Bank of Korea who had intervened aggressively earlier in the week (on Tuesday reportedly bought US$1.5bln) in order to keep the Won weak. The word in London this morning was that he was recycling unwanted US Dollars into other currencies.
We are being told there remains some stale sellers just above 1.5290 but above 1.5300 it is clear sailing.
