GBPUSD has now posted highs of 1.2226 in a rush 26 Oct Offers between 1.2200-10 now absorbed and reports of stops triggered above there. A combo of USD selling so far in Europe along with EURGBP retreating to 0.8935 from 0.8964 as early EURUSD break of 1.0910 ran out of steam. Strong offers in place still at 1.2250 and that should cap further moves again but with stops above there triggering a bigger move into the 1.2280-1.2300 strong offer area. Keep an eye on EURGBP as ever and if that can hold 0.8920-25 then that should also help to cap GBPUSD (full story)