Since the immediate frenzied dip on GBPUSD post-CPI we’ve seen the pair attracting some decent buying interest above the 1.6715 pivot area which was the immediate resistance I highlighted earlier when below 1.6700
EURGBP has drifted off from 0.8257 and had a few bids lined up at 0.8250 but they’ve now been filled giving another fillip to cable to 1.6737 before running into sellers from 1.6740 into 1.6750 again.
More bids on EURGBP at 0.8240 as per my orderboard and then larger again at 0.8225 should draw a line under this weakness, adding to the significance of the GBPUSD 1.6750 area again. I reckon if one goes they both go but I don’t see that playing out on the immediate horizon but the correlation is there for the moment. More support at 0.8200, not seen since end Feb. Sellers now at 08260 and 0.8280
EURGBP currently 0.8249 from 0.8246 lows and GBPUSD has dropped back to 1.6724 even while i’ve been typing this.
EURGBP Daily 15 April