Not a good day at the office for GBP pairs 27 March
GBPUSD now down to 1.4148 from 1.4233 with EURGBP demand, USD demand and GBPJPY supply all combining to give it a slap lower today.
EURGBP steady around 0.8780 just off session highs on month-end demand that I've been warning you about but with sell interest around 0.8800. GBPUSD next support comes in around 1.4120 with larger between 1.4080-1.4100. Intra-day shorts might be advised not to get too greedy and take some more off the table if we can't get another head of wind.
Yesterday I wrote about biding my time while the GBP rally played out but remained poised to jump back in to sell. Sometimes nothing really can be a real cool hand. Timing, and patience, is all. I hope longs too some profit and sellers re-entered on that rally.
Good two-way pips to be had still. What's not to like?
Update: Talk of M&A related GBPCHF selling re GSK/Novartis deal also adding to GBP woes today.
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