The pound has been on the back foot lately but not this morning 24 May 2016
I wasn't sure who was leading who but now it's reasonably clear that someone unloaded a large EURGBP sell order on to the market and that's triggered the chain reaction elsewhere as ever.
EURGBP down to 0.7683 from 0.7728 after failing to penetrate 0.7755-60 offers that I've been highlighting over the past day or so.
GBPUSD rallies from 1.4487 to post 1.4547 just ahead of decent offers/res around 1.4550. EURUSD down to 1.1173 but with decent corp demand at 1.1160 we might see some support down here.
In that/any case watch EURGBP for clues on cable direction as always.
Don't forget that Carney & Co testify before the TSC at 09.00 GMT
