Nearly 90 pips door to door is not bad work for a couple of hours if you can get it. I didn’t and I’m still not entirely sure what the reason behind it is.

There looks to have been some dragging action from the yen and swissy as well as decent buying in EUR/GBP. Traders report that GBP/JPY hit some decent sized stops on the way down but the buying in EUR/GBP was snuffed out ahead of 0.7900 and that twinned with strong bids at 1.6300 helped underscore the low.

And so here we are back at the highs and the speed we have come back suggests that we may see a decent attempt to break those highs.

The spotlight for me is still on the 1.6535 level but I’m expecting some mild resistance at 1.6464 again if we blow through the big figure.

GBP/USD Daily chart 23 09 2014

GBP/USD Daily chart 23 09 2014