Once again the end of month BUBA buying is playing out on EURGBP 28 Nov
I did warn a couple of times earlier as I do every month-end and recommended to go long of that pair and sell GBPUSD rallies again.
The Bundesbank buys EURGBP over a few sessions around month-end for UK EU membership fees and we can safely assume that ramp higher has their footprints all over it.
GBPUSD down to 1.2431 as EURGBP surges to 0.8565 before running into fresh sellers ahead of decent supply at 0.8580-85. Buyers of cable here and into 1.2400 again.
