EURGBP forges higher on weaker UK GDP and month-end demand

EURGBP posting session/recent highs of 0.8831 since UK GDP data 29 Sept

Weaker UK yy GDP final readings set the wheels in motion and we’ve seen new session/recent highs of 0.8832 as GBPUSD falls from 1.3405 to post 1.3356.

GBP rally sellers like me will be grateful for the double whammy of soft data and the usual month-end BUBA demand for EURGBP. I don’t say it’s down to them on this latest move ( I said the other day I would expect them to sit on the bid as EURGBP fell into 0.8750 ) but we can’t rule it out and the demand overall helping underpin the move higher from there.

                                                   EURGBP 120m

More offers/res into 0.8850-60 then 0.8880 should be enough to cap further advances for the moment with GBPUSD also having support bids at 1.3345-50, 1,3320 and 1.3300

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