Forex Market News And Analysis

TraderSmith

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GBPJPY demand helps to underpin the pound


Decent buying interest in GBPJPY and currently just off session highs 15 Aug

A solid move from 142.20 to 143.03 has helped underpin GBPUSD at 1.2950 (where option expiry interest yesterday first played out) and cap EURGBP into 0.9100.

I've often mentioned before that GBPJPY is a favoured hedge-fund pair and we're seeing that again in recent times first helping to cap cable as yen demand prevailed and now the reverse is true.

Cable offers/res now between 1.2980-00 as USD demand prevails and that's now creating the tight range.

Yen and swiss franc selling generally underpinning core pairs for the moment.
 
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