EURGBP up through 0.7900 has seen added supply to GBPUSD 3 May 2016
Stop me if you've heard this one before but yes it's that ol' EURGBP/GBPUSD one-two again.
I've talked about the general euro demand in the dips and we've seen the combination of that and a post-UK data wobble for the pound send EURGBP through decent res/offers at 0.7900 to post 0.7912.
That's driven cable down through 1.4650 and 1.4620 demand/support to post 1.4613 with 1.4600 demand providing a base for the moment.
I spoke in an earlier post (and many times previously) about keeping an eye on other pairs for impact/correlation and never more true than with these two.
Even as I speak EURGBP is running into offers ahead of those at 0.7920 and giving GBPUSD an extra lift to 1.4635.
My work is done for the day. See you all tomorrow for more fun and frolics in the fickle world of forex (try saying that after lunch).
