GBP: European session overview
- I’m bullish EUR/GBP at the moment and I think this pair should hold above .8040 roughly, before the next bullish leg initiates. There is the possibility of end-of-month buying here which should also help. No major orders being reported at the moment.
- GBP/JPY shows plenty of the usual volatility but its hard to find any short term trend. It needs to spend some time above 128.35 in my opinion or otherwise could slip back towards the lower end of the range near 127.00.
- Cable has been totally direction less in recent times and further range trading between 1.5920/1.6120 seems likely. Professional positioning is almost flat though I’ve been advised today that retail accounts are around 70% short.
Talking my position here (long EUR/GBP), but overall I prefer GBP shorts across the board.