Take out the spike up to 0.8945 around the 15:00 GMT fixing and EUR/GBP is very little changed on the day. From opening levels of 0.8898, we fell to 0.8870 on heavy selling from a pair of UK clearing banks only to shoot to 0.8945 at the fixing. For all that yo-yo action, we’re now 3 pips above where we began. Sound and fury, signifying nothing, as our old friend Macbeth said.
One more factor which suggests to me that EUR/USD may work lower in the range so long as 1.3570 holds.
