It's been all about the euro this morning and with EURGBP on the rise we've seen GBPUSD cap above 1.5400
Ok, ok, before some of you say I'm just talking my book let me repeat that I don't have any positions on at the moment and quite happy to take a back seat. Always advisable when you don't understand the extent of the price moves when the market moves in such a fickle manner and indeed seems to take an age to catch on.
Did anyone really think that the Fed would hike in June given the global uncertainies and fall-out anticipated from any rate rises? Is it a dead cert that the Conservatives will get back into govt with some form of working coalition as the latest round of "smart " money would suggest?
Either way the market is what the market is and does what it does, and over-thinking it can definitely be bad for your health as well as your wallet!
So suffice to say that EURGBP is bid again and has taken out decent offers at 0.7160 but has more res/offers nearby into 0.7180 which should help to put a bid back under GBPUSD, not that it needs much encouragment lately. The other scenario is a decent fall back in EURUSD but that seems unlikely at the moment
Currently 1.5358 and 0.7165 I'm happy to continue sitting on my hands until the picture becomes a bit clearer, and that's by no means guaranteed even after the Fed.
