Another day, another round of GBP weakness in the morning
This GBP selling and yen buying is becoming a bit of a pattern now. For the last 4 trading sessions we"ve seen yen buying in the European session morning. The timings were quite exact last week, as I noted on Friday.
Today"s may be a bit more data led, given the time, but its effect is still the same with a broad move in yen pairs, albeit not as strong vs EUR and USD.
Despite GBPUSD ducking under 1.2500 (back above as I type), the 4 day uptrend remains intact.
1.2445/50 is where I"d be watching for the first support, should we fail to hold 1.2500, and the latest low and 1.2480. Then I concur with reader Si on another post, that 1.2430 (Friday"s low) will be next. Under there we have the 55 & 100 dma"s at 1.2419/14, then under 1.2400 we have an old support level at 1.2375 and that"s got additional support by the 100 & 200 H4 ma"s at 1.2388 & 1.2378. That"s plenty of support to get your teeth into.
After seeing the end of the month pass, we"ve got to be on watch today to see if anything closed out last week, gets put back on today. That can happen with portfolio rebalancing, as assets are sold and new ones rebought. The London fix will be worth watching later today as well. As for the yen buying theme, I"ll wait to see what tomorrow brings before deciding that something is definitely going on.
Cable pops under 1.2500 as GBPJPY leads the way again
Cable pops under 1.2500 as GBPJPY leads the way again
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