Going short EURGBP on the break.
This looks to me we’re entering the new range.
Yesterday was the day where we could have entered back into the 0.8735-0.9050 range I spoke about for the past 7 months but capped at 0.8735/40 on every attempt. Today we started close to that level and since then it hasn’t looked back. Ok weaker Euro data are one thing but there is clearly serious money flowing into the GBP today and probably from yesterday already. This could take us all the way down to 0.84 in the long run, with of course hick ups on any Brexit line, but latest comments have failed to keep EURGBP up. I sold at 0.8693 as the ECB minutes came out confirming they’re still very hesitant and cautious on inflation. My stop will be above 0.8740. Intermediate levels to watch would be 0.8600 and 0.8580 if this play works out.