GBP sellers prevailing with just over an hour to go 2 NovAs I said in my preview the consensus seems to be a sell the rally on a rate hike scenario so a few getting early. GBPUSD down to 1.3217 as EURGBP takes out the 0.8800 offers to post 0.8811
Given the decent rally from 1.3070 lows last Friday it’s still fair value but a hike will see an algo-led push back to 1.3320-50 from here potentially.
So guessing time again. Is market getting oversold and therefore downside limited as I also warned in my preview ? Or longs getting some jitters? Or now thinking no hike and looking for further downside momentum?
With this selling prevailing there is increased chance that risk changes to the upside.
Not long to find out now.