Most of the market’s focus has been on the crosses in recent weeks and today is no exception. The AUD was the big mover during Asian trade, losing ground against all the other majors, and now it’s likely to be the turn of the GBP ahead of the MPC in about 90 minutes.
EUR/GBP buyers have been notable over the last hour, reducing existing shorts no doubt, and more stops are eyed above .8230.
I’m happy to stay short for now, although mine is a more medium-term trade.