Another roller-coaster ride for the pound in this session 29 Sept
GBPUSD has been down to test 1.3350 again after weaker UK GDP data and month-end EURGBP demand but once again we've found buyers prevailing in the dips.
While I've been recommending GBPUSD shorts between 1.3420-50 I've also warned not to get too greedy and today is no exception.
Good sources now telling me of strong "model trading" demand between 1.3340-45 albeit with stops below and also now noting some GBPUSD option expiries at 1.3365 and 1.3385 which I have added to my original post and should lend support given the higher levels we've retreated from in the past week or so.
Currently 1.3387 I still expect rallies into 1.3430-50 to be sold again ( maybe even 1.3400-10) and continue to trade that way and I'm given some comfort that today's reaction to Carney's earlier rate hike comments got the brush off/cynicism they deserved with focus on more fundamental concerns. Equally though the bulls will continue to be happy to buy the dips.
GBPUSD 15m