The sell interest in cable at 1.6500 and demand in EURGBP both of which I highlighted earlier sent GBPUSD down to 1.6458 just above the 1.6456 lows seen on Dec 26th
EURGBP has ground its way higher to 0.8364 so far and I’m still long with a trailing stop to ensure a profit lock-in should we get a sharp reversal. Looking for a break of 0.8365 to attack 0.8380. Failure to do so means we’ve run out of steam for today at least.
If we can break down below 1.6445 I fancy a run lower toward 1.6405 which should lift EURGBP higher given the underlying EUR demand. Currently 1.6471 with sell interest now reported at 1.6475 and 1.6485. A break above 1.6500 should also see EURUSD rallying to keep EURGBP in demand.
That’s the theory anyhow!
GBPUSD orders 30 Dec
