The pound has run into fresh supply so far this morning 13 July 2016
Cable's impressive rally to 1.3340 has now been sold back to 1.3280 as EURGBP survives a look at 0.8300 and bounces to 0.8327
I still expect GBP dip-demand and the good two-way business to continue. Take your pick, sell high- buy low, but the BOE MPC decision/voting tomorrow will continue to cast its shadow.
I don't think rates will be cut but we certainly can't rule it out and we can expect some cautious tones in the Minutes that might point to an August easing.
Currently 1.3291 and 0.8322
