EURGBP demand has helped cap cable again but key levels now 23 Aug
EURGBP has sellers/res at 0.9200 and that is helping put a bid under GBPUSD first time around 1.2800 quite apart from it not being breached since June.
Lows of 1.2799 and now 1.2814 again with EURUSD still underpinned after decent PMI data and posting 1.1789 highs so far.
I said yesterday that 1.2800 should provide decent support/demand but rallies into 1.2850 should be sold so I hope you duly did when it posted 1.2845 and failed there.
Large EURUSD options between 1.1790-00 in play and should also impact on EURGBP and GBPUSD.
I'd say EURUSD rallies should be capped by the expiries but it depends when the bulk of the contracts were struck.
EURGBP has more sellers at 0.9220 with larger interest at 0.9250. Demand into 0.9175-80 now.
Currently 0.9193 after 0.9196 highs but if we break higher then expect GBPUSD to keep coming down/being capped.
GBPUSD
EURGBP just keeps on climbing
