Gotta love this pair. Just when it's looking a little wobbly, enticing a few sellers down below 1.5700 , then up we go in a rush to take out the recent highs and key resistance between 1.5735-40 like the cheeky scoundrel that it is.
1.5747 highs so far and the rally has been capped by the 1.5750 offers I highlighted earlier with more behind at 1.5780. EURGBP provided the catalyst as Ryan posted here but bids into 0.7900-15 again have put the brakes under that slide along with the cable offers. And/or vice versa. The pair holds a lot of the cards at the moment with the focus firmly on the ECB.
Scrappy stuff but opportuntities for the day trader as long as you don't get too greedy/carried away, and yes I'm short GBPUSD again up here, purely on range-trading now but not over-convinced at the moment, with EURGBP still looking a little suspect
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