Cable finds dip demand again as EURGBP retreats

Another lively session for GBP pairs 22 Nov

After yesterday"s fun and games with the GBPJPY buy order ramping up the pound we saw a  period of consolidation on GBPUDSD and EURGBP as traders/algo re-assessed with some still caught like rabbits in the headlights.

It hasn"t taken too long for sellers to re-appear though and general euro demand has seen EURGBP rally strongly from 0.8505 before running out of steam at 0.8558.

GBPUSD has found fresh demand under 1.2430 after a solid sell from 1.2480 where we should expect the resistance to come back in with stronger interest between 1.2500-20 still. Demand seems solid at 1.2400 after yesterday"s surge higher from 1.2380.

EURGBP has support/demand now into 0.8520 with larger at 0.8500. Sellers will re-appear again into 0.8560 as the now daily high with larger interest at the more pivotal 0.8570-75 area.

Currently 1.2462 and 0.8536

Good two-way business to be had still even if some of the moves are a bit rapid.

Cable finds dip demand again as EURGBP retreats
Cable finds dip demand again as EURGBP retreats
http://www.forexlive.com/feed/news
$inline_image