Good ground made by the pound as focus shifts elsewhere

The pound has had a good session with attention on the euro 30 March

An early test of 1.2400 for GBPUSD was met with solid support that coincided with EURGBP beginning its steady decline from 0.8656 as Spanish and German regional data put the skids under the euro.

A decent line in the sand lately has been 0.8620 but we"re now through that and posting 0.8613. More support/demand into 0.8600 then 0.8580-85.

Cable meanwhile has needed little excuse to get a bit of short covering going on again and has not tested post-Article 50 highs of 1.2478.

And let"s not forget another prime mover in GBJPY that I refer to a lot in these reports. Both core pairs had a soggy start that saw GBPJPY post lows of 137.75 but option expiry related support on USDJPY at 111.00 has helped tip the scale back to a bit of yen selling and we know hedgies love a bit of GBPJPY action. 

Highs so far of 138.63 and there fore almost fully retracing to the Asian highs od 138.73.

Currently 138.55 both core pairs will  find sellers up here between 1.2480-1.2500 and 111.20-30 and 111.50 but I expect both to find dip-demand after such a decent rally.

Good ground made by the pound as focus shifts elsewhere
Good ground made by the pound as focus shifts elsewhere
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