The EUR/GBP cross has experienced a fairly sharp sell-off this morning, presently down at .9160 having opened up in Europe up around .9230. Sterling is being favoured over the euro at the present time.
One of the reasons is that the market is wary of tomorrows ECB meet and a possible rate cut, but more damaging to the euro (in the short-term at least) the possibility the bank might just make an anouncement regarding quantitative easing.
Sources report that a “Dutch bank” has been a particularly aggressive seller of the cross this morning. Technical support is now seen lying at .9140/45 and this could certainly be vulnerable.
