GBP Trading Outlook
Hedge funds have been consistently selling rallies but we may see a reversal of this if prices break above .9170. Option protection ahead of .9050 is the main story on the downside. Real money funds have been quiet in recent sessions.
Japanese buyers returned to AUD/JPY yesterday and bids are reported at 93.25. Stop-loss sell orders are expected to be large in AUD/USD below .9050.
Most orders get cancelled on a Friday so we must wait and see what returns. There was talk on Friday of good-sized interest to sell EUR/AUD above 1.5000.
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