EUR/GBP has been hammered over the last hour, sliding below the 0.8900 level from 0.8930 little more than an hour ago. Support at the 0.8911 level has given way and stops have been triggered. Traders report a US money-center bank has been recommending GBP longs today.
The cross was sold in the run-up to the fixing and the selling has extended into the London close, as well.
1.6240 is support on pullbacks near-term while 1.6340 is resistance on rallies. We trade now close to session highs of 1.9295 despite the rebound in the dollar and decline in risk appetite today. An impressive performance for the pound.
