EUR/USD: EURUSD provided a great selling opportunity just above the month-high and has now reversed to yesterday’s open. Sell rallies to 1.2560, adding at 1.2590 with stops at 1.2625, for 1.2450. Flows are mixed but we have seen small buying interest.
GBP/USD, EUR/GBP: Cable squeezed higher but ran into good supply and then consolidated. EURGBP shed gains; it has a triple-top resistance at 0.8045-60. Although the pair moved more than 100 pips yesterday, interest was muted. Buy on dips with a stop below yesterday’s low, targeting above 1.5700. Go short EURGBP.
NZD/USD: Stay short NZDUSD with stops above 0.7990, for an eventual re-test of 0.7670, the low from earlier this month.
UBS