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EUR/GBP extends gains and rises to test 11-month highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - A sharp decline of the pound across the board pushed EUR/GBP back above 0.7500. The pair currently is trading slightly below yesterday’s highs at 0.7530/35, after hitting 0.7546. On Monday, it peaked at 0.7555, the highest level since February 2015.

    Today the pair is erasing yesterday’s losses, when it corrected lower. The euro found support around 0.7450 and from there bounced to the upside, accelerating since the European session, when GBP/USD broke decisively below 1.4500; now is actually under 1.4400.

    GBP, the worst

    The pound is the worst performer across the board on Tuesday. The currency has been showing weakens since late December. Today weak manufacturing data from the United Kingdom favored the downside but the trend lower continues to be reinforced by growth prospects, bond yield differentials and Brexit fears.

    Governor Carney will be speaking at Symposium at the Banque de France while recent data from the UK showed that the according to NIESR estimations, GDP grew at a rate of 0.6% in December, 2.4% annualized rate.
    For more information, read our latest forex news.
     

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