GBP Trading Outlook
Real-money funds have been the main sellers of USD across the board. Expect bids to be very solid now at .9550.
One barrier in AUD/USD at .9550 was breached overnight but there is an even bigger barrier at .9600. AUD/NZD bids are still being reported at 1.1280.
Heavy buying of AUD against the EUR in particular was yesterday’s stand-out flow but the option barrier protection ahead of .9550 in AUD/USD was very heavy indeed. This barrier is still in place and there is an even bigger barrier at .9600. AUD/NZD bids are still being reported at 1.1280.
Sizeable bids reported near 1.1280 in AUD/NZD. Sell orders are still reportedly solid in AUD/USD around .9520/25 and again near .9550.
There is a large-ish option barrier at .9500 in the AUD/USD which will be vigorously defended and there are stops directly above that level. Those selling to defend the barrier are re-loading on 50/70 pip dips.
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