Up nearly 1.5% on the day
The EURGBP is the biggest mover of the day as the EUR is the strongest currency while the GBP is the weakest. Overall, the pair is up about 1.5% from yesterday's close.
In the process, the pair has taken out the July and 2017 high price at 0.8949 and trades at the highest level since the US November election. Admittedly, the pair has a lot of up and down action over the last few months, with up and down volatility increasing in July.
However the low for the month (and into mid June), has been able to stay above the 50% of the move down from the 2016 high at 0.8724. Today the pair moved back above the swing highs from Jan 2017 and June 2017 (once again, July has been very volatile). This is the 3rd look above those highs. Can it now stay above the 0.8879 level (risk) and extend toward the 2016 highs? Close risk is the July high at 0.89477.
Looking at the 5 minute chart below, the break above that 0.89477 level saw the price scoot up to 0.89769. The correction off that high held the 38.2% of the last trend leg higher at 0.89472. That also corresponds with the high from July 12th. So buyers are remaining in firm control above that level (close risk now).
