Euro hits the skids again as the EUR/GBP dam breaks

Dam might not be how euro bulls spelled that word.

Ryan was right to warn about 0.8580 in EUR/GBP. It broke and fell 40 pips in a flash, dragging the euro down with it. Some bids at 0.8500 with more at 0.8485.

EUR/GBP - 0.8580 breaks, hits stops

EUR/GBP – 0.8580 breaks, hits stops

The focus now shifts back to EUR/USD with strong bids around 1.3232 under pressure.

This is how Ryan reacted when I gave him the thumbs up for the EUR/GBP call. He’s also smug on his EUR/CHF longs (just kidding Ryan! love ya!)

Author: Adam Button

Adam Button is the managing editor of ForexLive™. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes there's an edge in knowing every tidbit of news. He was formerly the head of the markets team at the Canadian Economic Press and is a graduate of Ryerson University. Adam lives in Montreal, follow him on Twitter: @FX_Button.

9 Comments

  1. amazing how its all ignored last week and this week the dollar strengthens on good news!

  2. bounced back just as quickly too…hmm…

  3. Probably on of the British ships shooting a torpedo to the Spanish in Gibraltar…..LOL

  4. Guys, what happened at 15:05 BST.

    I’m managing app messaging infrastructure @Citi and got message queue depth threshold alerts for FX systems here :) its unusual..

  5. Had a sell stop order at 0.85725 for that reason, target got hit within seconds. Nice one.

  6. I’m sure the orders were from Citi :)

  7. eurgbp actually moved? makes a change from watching paint dry.

  8. rumour mill started, possibly a ‘ fat finger ‘ trade

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