EUR GBP preserves the rally well
10/11/2016 1:10:14 PM
EUR/GBP keeps the rally well and sound during the first half of the week, looking to merge the breakout of the psychological handle at 0.9000.
The European cross is progressing for the fourth successive week until now, trying a consolidative theme around 0.9000 the figure following last Friday’s GBP ‘flash crash’.
Meanwhile, growing ‘Brexit’ risks keep on to weigh on the GBP and stand more the upside in the cross. Moreover, the support line off June 24 lows keeps underpinning the up move for the time being.
The cross is now up 0.33% at 0.9040 facing the next hurdle at 0.9430 followed by 0.9800. On the downside, a breach of 0.8725 would target for 0.8690 and then 0.8330.