GBP/USD 1.5050 has proved good support in the past few days but the rallies have been limited

Forex live:

We’ve now broken through on general USD demand and running into the next layer of bids around 1.5030

Defence of the 1.5000 barrier option can be expected but I don’t have specific detail as to the size

Genera/usual month-end demand on EURGBP helping to cap cable but the pair is still struggling to break through decent offers/res around 0.7050 so impact limited for the moment but keep an eye on both pairs.

EURUSD has fallen to.1.0584 with large option expiries in play today

Overall the pound continues to head lower against a number of currencies on diminishing chances of rate hikes any time next year let alone soon and markets/traders having less faith in a sustainable economic recovery.

Both scenarios have long under-pinned my preference to be short/sell rallies on GBPUSD and other pound pairs

Yes there was some encouraging news in the latest Q3 GDP revision but not enough to make bears like me run for cover just yet although taking some profit down here makes sense

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