EUR/GBP: Staying in the bear camp

• The market tried to push the GBP lower after lower-than-expected PMI numbers;
• Cable is working through some over-bought values and remains in an uptrend;
• GBP/JPY has solid support at 170.00 (but beware if this breaks);
• I still think that EUR/GBP is destined to be a big early-2014 mover and rally highs are getting lower and lower.

Not much intraday interest in the GBP pairs from what I can see and if anything happens it’s likely to emanate from GBP/JPY. The most straightforward trade is to sell rallies in EUR/GBP toward the top of the bear channel (now just below .8400).