The reported defence of 1.45 DNT option play has now been breached 25 April
I highlighted the protection earlier but also noted the demand that the pound was picking up in the dips overall.
Bingo we've now posted 1.4503 as EURGBP falls back to 0.7766 from 0.7812 highs earlier. The stop-loss buy orders above 1.4505 haven't been triggered though and we're back down to 1.4485 so the rally-sell around 1.4500 is working so far.
Keep an eye on how far we retrace though and if it's shallow, say nothing further down than 1.4470-75, then we should expect another look upstairs. EURGBP demand into 0.7750 may well come into play again too.
Good jobbing markets still and it definitely feels like the Brexit-based selling earlier in the year is starting to find some balance.
