Pound recovers some poise as GBPUSD dip-demand prevails again

Another roller-coaster ride for the pound in this session 29 Sept

GBPUSD has been down to test 1.3350 again after weaker UK GDP data and month-end EURGBP demand but once again we’ve found buyers prevailing in the dips.

While I’ve been recommending GBPUSD shorts between 1.3420-50 I’ve also warned not to get too greedy and today is no exception.

Good sources now telling me of strong «model trading» demand between 1.3340-45 with stops below and also noting some GBPUSD option expiries 1.3365 and 1.3385 which I have added to my original post.

Currently 1.3387  I still expect rallies into 1.3430-50 to be sold again and am given some comfort that today’s reaction to Carney’s earlier rate hike comments got the brush off they deserved. with focus on more fundamental concerns.

                                                      GBPUSD 15m

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