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EURGBP – Top in Place?
After a seemingly endless one way move as post-Brexit blues set in, the EURGBP may be finally putting in a meaningful top at the 8700 level. Despite generally better flash PMI data and despite fresh concerns that Theresa May may trigger article 50 sooner rather than later, the EURGBP pair has come off the highs and now looks to be targeting support.
The move lower despite the generally supportive fundamental background is a clear sign of price exhaustion in the pair and suggests that more profit taking may be in store for the pair. The economic calendar is relatively light for the next few days with only IFO and UK 2nd revision GDP on the docket for the rest of the week, but any surprise in favor of UK could quickly push the EURGBP below the 8500 figure as the unwind continues.