Eur/Gbp under 0.8750 even though the Euro is trying to claw...

Prior Downside targets have been met on this pair. The Euro recovers from a slightly deeper pullback from 1.2000 where 1.1 bn option expiry interest resides, the Kiwi bounces from under 0.7150 and Yen through 105.50 after hitting a sub-105.60 trough. Eur/Gbp under 0.8750 even though the Euro is trying to claw back losses against the Buck and other peers. Note, little reaction to latest comments from BoE’s Broadbent or weaker than expected Halifax house prices, as the Pound awaits more from Governor Bailey around the same time as NFP, but in cross terms 1.2 bn option expiries between 0.8760-70 could either cap rebounds or keep bears at bay.