Cable nudges higher again as USD supply returns

GBPUSD once again found support at 1.2860 and now testing 1.2900 again

In one of my many posts yesterday I noted that I was taking some profit around 1.2860 on my intraday shorts from 1.2900+ and that has proved prudent.

Another couple of tests down there and indeed a rally to 1.2900 has meant the 1.2850-00 range has remained intact on a combo of a roller-coaster EURGBP and softer USD.

I will continue to keep playing that range from the short side adding to fresh shorts up here on any further rally into 1.2920, but equally there's been pips to be had buying the dips too ofc. USD woes need to be respected in the current mix but if USDJPY starts to slide we should expect some GBPJPY supply too and help cap GBPUSD. Well that's the theory at least!

Great two-way markets for jobbers. What's not to like ?

Currently 1.2893 after 1.2899 and EURGBP 0.9102