After the earlier selling we're now seeing some expected consolidation 29 Sept
As per my previous post EURGBP has run out of steam into the offers/res at 0.8650 and from 0.8643 highs we're back at 0.8628.
GBPUSD found the expected demand into the 1.2985 bids and is back to 1.2997
The heat's not off just yet though as we will see ongoing EURGBP dip-demand with talk last month that the BUBA now spread the buy order over 2-3 days rather than leave it to the final day.
Expect immediate support between 0.8615-20 with more at 0.8600 ahead of larger interest into 0.8580-85.
GBPUSD will have offers/res now between 1.3020-30 and that should cap moves ahead of any US GDP data blip.
For those new to the site this month I should explain that the month-end EURGBP demand is for the UK's EU membership fees which the German Bundesbank buy on behalf of the ECB.
