As recent positive data surprises from the UK and Europe have failed to generate independent strength for either GBP or EUR. The bank has used the latest rebound in EUR/USD and GBP/USD to go short at 1.3220 and 1.54 respectively, looking for 1.26 and 1.45 on the downside, with stops at 1.3320 and 1.55. EUR/USD now at 1.3287, GBP/USD at 1.5397.
(gary.stride@dowjones.com)
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