Some dip demand noted again after today's retreat 5 Feb
I've posted a few times today on the pound's losses, the latest being here following my early order board post saying I preferred to play from the short side still.
The retreat since the soggy data has seen a few levels of GBP support along the way before chewing through demand and from 1.4151 highs we've now seen 1.4026, EURGBP up to 0.8872 from 0.8815 and GBPJPY down to 153.95 from 155.40
NA desks now underway and we've seen a bit of profit-taking from both sides of the pond with GBPUSD posting 1.4052, EURGBP 0.8857 and GBPJPY 154.30 with USDJPY anchored around 109.80 still.
I would expect caution to prevail at current levels after the decent declines but remain core short GBP and now a seller into 1.4080-00 on GBPUSD, 0.8835 on EURGBP and 154.80-00 on GBPJPY. Keep poised for current bounce to run out of puff prior though.
Longs will welcome the chance to load up again as this general two-way trading range continues. GBPUSD now 1.3980-1.4180
