The usual month-end demand for EURGBP is once again in play 31 May 2016
With the EU referendum and associated polls/comments/hype all in vogue how ironic that, for the moment at least, we still have the one known about month-end flows.
For those new to FX ,or indeed these pages, the Bundesbank buys a large amount of euros each month-end for the UK's EU membership costs. Strong demand into the 07.00 GMT fix suggests the BUBA at work.
EURGBP currently 0.7609 after highs of 0.7612. Sellers at 0.7620-25. GBPUSD 1.4625 from 1.4616 lows. Demand into 1.4600.
I would also add the move higher in GBP in early Asia was overdone and not merited by just the latest 51/46 ORB poll but rather an opportunistic drive higher in thin conditions.