There were quite a few European hedge funds trying to pick a top yesterday afternoon and they will probably be feeling a little unsure of themselves above 1.5400.
The flow guy usually has excellent GBP-related gossip and he tells me that there is talk of a big cable buy order to be executed in early London. I usually take these rumours with a few pinches of salt but his info in recent weeks has been really accurate.
He says that there are solid bids near 1.5360, intraday sell orders 1.5425ish and stops above there.
I just might try buying an early European dip if it happens.
