The GBP hasn’t seen a lot of action today apart from some selling against the all-conquering NZD but it does have a bit of a heavy feel heading into the European open. I remain long GBP against both the EUR and the USD and I’m not inclined to get off either trade just yet but I am preparing myself mentally to handle some reversals.
The ZEW survey will be the main event on the economic calendar and that should introduce some volatility into the cross.