Once again it's month-end and we can expect usual EURGBP month-end demand
Regular readers will know that each month the Bundesbank buy a stack of EURGBP to convert the UK's contribution for EU membership.
This used to be carried out on the last day but the BUBA have changed their approach in recent months and scheduled its buying programme over a few days.
I've no idea where March has disappeared to but with month-end this Friday keep the info in mind if trading GBP pairs.
Attention may be on the much-hyped triggering of Article 50 tomorrow and a potential squeeze higher for the pound ( not a view I necessarily share and will post on other reasons why later) but don't forget the potential BUBA impact in adding GBP supply.
EURGBP currently nudging up at 0.8653 after holding 0.8620-25 yesterday and that remains the immediate line in the sand. Offers/res expected around 0.8585.
GBPUSD being pushed down to 1.2540 with general USD demand prevailing too.
