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Pound recovers well after early wobble but sellers lurking again

The pound got slapped as London trading got underway but has recovered some poise since. 9 May 2016

After lows of 1.4375 we've now reversed to post 1.4479 only to run into more sell interest to send it back down to 1.4453 as I type.

GBPJPY demand helped the move back up as well as EURGBP supply but while USDJPY remains underpinned the USD demand is taking its toll on other pairs.

EURGBP has good demand at 0.7865 still, a level I've highlighted previously and the 0.7865-0.7930 range remains intact. Demand down there has also helped to cap cable and the good two-way business continues.

Keep making most of life living in a jobber's paradise.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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