Flows and Orders/GBP crosses

GBP weakness; blame the ZAR

There was very heavy ZAR selling yesterday, against the JPY in particular, and many traders used the much more liquid GBP as a proxy trade. Once the ZAR starts to stabilise we should see much of this GBP selling start to unwind.

Cable will probably be toppy here in Asia near the overnight breakdown level of 1.6060 but interbank reports suggest that bids are very solid now between 1.5950/70.

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