A good session for GBP pairs after a wobbly start 25 Jan
GBPUSD has run out of steam for the moment ahead of the 1.2600 offers/res which has coincided ( or not) with the EURGBP demand I highlighted into 0.8530.
GBPJPY which led the charge has also run out of puff into 143.20 with USDJPY also finding 113.80 difficult area to crack with building offers as per previous posts.
Currently 1.2575, 0.8548 and 142.82 I'm personally in no rush to get involved too much today as sailing against the tide has rarely done me any favours.
I still prefer to play from the GBP short side with GBPJPY becoming perhaps the favoured vehicle or at least a good GBPUSD hedge which can be unlegged when the picture becomes a little clearer. No need to jump in just yet though imho.
Note the similarity in these ?
