The pair has seen a steady slide this week 14 July
The pair posted 8-month highs of 0.8949 this week but it's been sold down to now test 0.8800 again as European desks open up.
With EURUSD clinging to 1.1400 that means GBPUSD has nudged up to Asian/session highs of 1.2961
Yesterday I posted that I would be looking to buy around 0.8800 and have indeed been jobbing from that long position. It's a decent level and with more support/demand around 0.8780 but the lack of rally above 0.8820 is a cause for concern for the moment as pressure on the euro continues with option expiries in focus this week. That lack of rally is also evident in EURUSD with 1.1420 capping the bounce from yesterday's 1.1371 lows.
I've trimmed my EURGBP longs therefore but will look to rebuild into 0.8780 unless p/a on the euro in general at that time tells me otherwise.
