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Pound suffers in thin trading - GBPJPY driven lower by Morgan Stanley

The pound was the darling yesterday but now it's in the bad books

Again we're seeing lighter liquidity in trading today and the quid is on the receiving end. There's a few things in the mix note traders, there's some month end biz being completed, some further position squaring, and chatter of a GBPJPY sell recommendation from Morgan Stanley doing the rounds

As it is we're seeing that pair on the lows at 184.74, 20 or so pips above the low from the last couple of days

GBPJPY 15m chart

Cable has also found support once more at 1.5060 and still has a task of getting through strong support at 1.5050

GBPUSD 15m chart

It may be a bit early to see the usual end of month EURGBP buying but don't rule it out. 0.7000 down to 0.6980 remains the support level to break for another leg lower

EURGBP H4 chart

I'll repeat my warning from yesterday, it's not a time to be chasing moves as you can get sucked into a move that then dies on you and leaves you in limbo. Pick your levels and keep your patience. You'll never lose money doing nothing

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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