Pound takes another pounding as EURGBP demand returns

Yes folks it's pound selling time again

The usual month-end demand for EURGBP (BUBA buys on behalf of UK for EU membership fees as I've explained here many times) has seen that pair post session highs of 0.7636 from 0.7565 early doors

General euro demand is accelerating the move and that in turn has driven cable down to 1.4297 as I type after failing to hold gain above 1.4400.

I've been banging on about the 1.4430 area for a while and that remains a key line in the sand. Rallies can be sold until that is convincingly breached.

For now expect demand into 1.4280 then 1.4250 and supply into 1.4320 and 1.4350

EURGBP will have decent sellers at 0.7650. Demand now into 0.7620 and 0.7600.

Update : 11.14 GMT Cable back up to 1.4330 after lows of 1.4283 and EURGBP now 0.7615 from 0.7646. As per levels above. I hope you made the most of it.