EUR/GBP is unwinding Friday’s moon-shot in which it rallied as high at 0.8070. The well-received UK bank bailout has taken the immediate pressure of the pound, prompting covering against all the major pairs today. EUR/GBP has fallen back to 0.7800 and looks poised to slip to 0.7700, last seen on Monday of last week, or thousands of points ago on the major stock indexes.
Cable holds above 1.74 as EUR/USD dips back to 1.36000. Stocks are rallying strongly, up better than 5.5%.
