Yesterday’s spike in EUR/GBP is rapidly fading as the euro looks sickly, owing mostly to a dollar recovery.
We have dipped below the 50% retracement of the 0.8453/0.8593 rally in the last few moments at the 0.8523 level.
If dips extend, watch the 0.8506 level, the 61.8% retracement of that same rally.
The weakness in the cross is helping keep cable supported, holding in the 1.6730s despite EUR/USD’s slide to 1.4260.
