A solid start has turned into a retreat for the pound 1 Feb
GBPUSD capped at 1.4275 just ahead of the 1.4280-00 area I highlighted in my order post ( ok call me a fibber for 5 pips but you know I say it's always wise to sell ahead of the game) and now 1.4207 as sellers prevail in a reality check retreat. I said in that post I'd be poised for failure and duly jumped in again.
EURGBP demand helping still and after holding around 0.8720 support area we're now testing 0.8760 again.
GBPJPY back down to 155.77 from 156.46 highs as USDJPY stands still around 109.70
A break of 0.8760-65 and 1.4200 should trigger further GBP declines but pound shorts would be advised to take some profit with underlying GBP demand still likely for the time being.
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