EURGBP is looking firm and may well be the key beneficiary as I mentioned earlier of euro-positive Italian outcome.
Certainly cable is not showing signs of being needed; perhaps the market is not that short, big players were certainly in the mix selling much higher up – they won’t need to buy back yet with reports of much lower targets; and then again perhaps the rest haven’t sold yet having missed the game….which augers for a lot of chasing when it starts to move lower.
EURGBP trades 0.8765 and GBPUSD 1.5135
Sterling looks soft to me
