EUR/GBP up at .8923 from North American close Friday down around .8890. Stops were tripped through .8910 and we’ve been as high as 8929 so far.
Growing speculation the Bank of England could introduce further QE fairly soon, and worries about the effect robust austerity cuts will have on a fragile economy, are serving to undermine sterling.
Stops now seen through .8935.
Tomorrow sees the release of UK Q3 GDP data, expected to come in at +0.4% q/q, +2.4% y/y. I have been seeing a wide divergence in forecasts for the data and there has to be the possibility of an upside surprise on the median forecast.
