UBS
FX- Recap: talk of large DNT option exp. 1.5450-1.6200 May 22nd
GBP/USD rallied above 1.61 during the session but momentum was sapped by eur/yen 0.7200 barrier trigger, the pair now trimming back some gains, trading ard 1.6075-80 lvl, bids said ard 1.6030-40 lvl,s tops below 1.60 & offers ard 1.6150-80 zone, support 1.6040/1.6010 & 1.5960, res. 1.6110/1.6140 & 1.6160
EUR/GBP talk strong buying of Eurozone bonds out of UK , as well as positive M&A & overall euro rally keeping cross bid, cross took out 0.72 KO’s & hit highs ard 0.7215-20 lvl before falling back to current 0.7190-95 lvl, bids said ard 0.7160-70 lvl, stops below 0.7140 & offers ard 0.7250-60 lvl, support 0.7160/0.7140 & 0.7110, res. 0.7220/0.7260 & 0.7280
GBP/CHF has not been able to regain much ground, still hangs ard 2.1015-25 lvl, only regaining 2.1270 could remove some pressure, support 2.0900/2.0800 & 2.0700, res 2.1100/2.1160 & 2.1270
GBP/YEN held ard 187.30-40 zone & trades back up ard 187.85-95 lvl, next hurdle is 188.70-80 (Friday’s highs) & 189.50, stops said below 187.20 lvl, support 187.30/186.60 & 185.80, res 188.30/188.80 & 189.50
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