The close correlation has been playing out again this morning 18 Nov
EURGBP had an early dip into decent support/demand areas into 0.8525 and I mentioned that I was going long down there , looking to build a larger interest if we fell into 0.8500
Well, I"ve just taken some money off the table at 0.8583 but will keep a bit of a long and re-buy if we dip again. Offers into 0.8600 should limit further gains for the moment. I hope some of you followed me and made a few pips.
GBPUSD has been pushed down to fresh session lows of 1.2364 and that shows me the weak side once again. I wasn"t sure if the large option interest at 1.2400 might limit a move lower hence my preference to take a EURGBP long rather than add to my GBPUSD shorts.
Win, win though with the yen demand giving GBPJPY a kicking lower and adding to the general GBP supply.
Keep an eye on cable though because we could yet get another burst for the 1.2400 tape nearer expiry time.
EURGBP demand pushes GBPUSD lower again
EURGBP demand pushes GBPUSD lower again
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