EUR GBP Returned to several month high in Forex market
6/9/2017 10:25:43 AM
According to effect of UK election in Forex market, the GBP stayed deeply offered on potentials of a hung parliament, raising the EUR/GBP cross back closer to nearly 4-month high level beyond the 0.8805 handle touched earlier.
From current levels, a follow through momentum beyond 0.8833 level is probable to speed up the up-move towards yearly tops near mid-0.8805s, above which the cross appears all set to aim towards regaining the 0.8897 handle.
On the downside, corrective swing lows near 0.8747 area now appears to protect immediate downside, which if broken could drag the cross back towards the 0.8703 handle on the way 0.8656 important horizontal support.
FOREX market analysis by FxErvin.