Category in GBP crosses

Cable: Weekly close below 1.70 would certainly trouble the bulls; 1.6970/1.7020 daily parameters

Long GBP has been the trade of choice (along with long NZD) amongst professional traders over the last 6 months. The big macro players are still very long and I suspect that they may start re-assessing if we get a weekly close below 1.7000. Present markets are being influenced more by sentiment than by technicals,

EUR/GBP catching bid tone after BOE minutes

EUR/USD ran into some significant bids near 1.3455 a little earlier; The BOE minutes have just been released and the immediate reaction from professional analysts seems to be that they are slightly more dovish than expected; EUR/GBP has been the market’s favourite whipping child in recent months and is ‘enjoying’ a very modest 25 pip