Now you see it, now you don't 23 Feb
Fun and games on pound pairs as GBP plummets at the 11.00 GMT fix
Was it a fat finger of fate? Was it the Bundesbank with some usual month-end demand? Unusual way for them to execute if so as nowadays they tend to spread it out over a few days. Short month though in Feb so who knows. Hedge fund shorting GBPJPY?
Any other plausible reasons? None that I'm hearing but feel free to add your own.
Either way GBPUSD has been down to 1.3904 from 1.3980 after failing into 1.4000 again and EURGBP up to 0.8839 with GBJPY down to 148.64
I know I keep banging on about range trading but really, given the resistance and sell interest at 1.4000 over recent times was that really so hard not to sell into ? And I highlighted the support and potential BUBA demand earlier a couple of times too. Simple support/resistance plays.
Whether fx pairs go up or down I'll keep on churning out the old mantra. Ours is not to reason why, ours is just to sell and buy. Keep it simple.
Currently 1.3949, 0.8819 and 149.02
