GBP/USD Update – 06/10/2017 (10:10am) – by Arjun Lakhanpal

October 6, 2017 by

GBP/USD Update – 06/10/2017 (10:10am): The Tory party was not in great shape ahead of the conference, and not too much has changed or helped to improve it and the market seems to be happy to add to bearish conviction as the price action suggests.  However, the flow dynamic during yesterday’s move was very one way, with consistent demand for GBP vs USD. McCafferty spoke last night, and was hawkish as expected and the market used any rally in GBP to sell into.  Focus on Haldane speaking today at 1pm; but feel the market will again use any hawkish rhetoric rally to sell into; with likely further negative political headline  GBPUSD support at 1.3000 short term, ahead of 1.2780, with resistance at 1.3150 ahead of 1.3300.