I posted earlier on a rally to 1.6435 and mentioned that the 1.6450 area should cap again, helped by demand in the dips to the EURGBP 0.8250 barrier.
We’ve since been down 1.6407 and back to 1.6422
Currently 1.6416 it will surprise no one when I say I sold some at 1.6432 to add to my EURGBP long at 0.8256 taken yesterday.
Barriers at 1.6450 and 1.6500 with more sellers at 1.6475 should provide good resistance up at these oxygen-thin levels. Demand will come in around 1.6380 from whence we came earlier.
I’m not going to set targets/stops for either pair at the moment while we’re frigging around going nowhere fast but yesterday we went back down to 1.6345 and I don’t really see what’s changed to drive it back much higher at the moment even if USD gets sold elsewhere which it currently is.
A fall in USDJPY will trigger further yen purchases across the board, given how far we’ve come recently and this morning’s trend to post some profits.
I just see a re-balancing going on, without trying to be GBP-neg myopic. Really !
GBPUSD Daily 3 Dec
