EURGBP in retreat as large option expiries impact

Large EURGBP option contracts rolling off at 14.00 GMT today 5 Sept

On top of a general EUR supply sentiment prevailing we've seen EURGBP outstrip other pairs and make a steady retreat after failing to hold above 0.9200 post-UK services PMI data.

EURGBP 15m

I highlighted the expiries in my daily post and subsequent p/a in various articles since also noting that the EURGBP selling has helped underpin GBPUSD into 1.2900.

We had another wobble down there after the PMI data where I warned that shorts from higher up should take some profit and look to re-sell.

Well we've been up to 1.2969 before both pairs found some GBP supply ( GBPUSD has option interest of its own at 1.3000) and now back to 1.2954 and 0.9179 from 0.9164

GBPUSD 60m

Range-trading still and good jobbing pips to be had.

Keep an eye on both pairs as we head into 14.00 GMT expiry time.

See you all back here tomorrow.