EUR/GBP bounced sharply from 0.8480 support today, reaching 0.8575 before pulling back. Heavy selling of the pound was seen during the London morning by a Mid-East account as well as Japanese accounts, traders report. That selling looks to have run its course and now the pound is benefiting from a broad rebound in “risky” assets like stocks and commodities.
US shares are up up 1.8% and oil is back above $70.00.
Support for EUR/GBP runs in at 0.8522, the 50% retracement of the 0.8480/08575 rebound. 0.8509 is 61.8% of the same move.
Cable resistance comes in at 1.6368.
