EUR/GBP continues to be clubbed like a baby seal, a sign of just how desperate Europeans are to pull money out of their home currency and how impactful hot-money flows can be on currency markets. There is also likely a modest pre-Olympic games boost going on for the pound on demand from visitors, etc…
Can’t say that I’m willingly buy pounds at these lofty levels but long-time readers know I counsel never to fade strong trends. EUR/GBP is in a strong downtrend.
