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EURGBP – Losing Steam at .8600?
After a nice correction to below .8400 EURGBP has bounced back as cable continued to weaken on renewed concerns about Brexit. However, GBPUSD appears to have found a bottom for now at the 1.2950-1.3000 corridor while EURGBP looks to be running out of steam as it once again tests the highs near .8600.
Tomorrow the market will get a look at EZ Flash PMI data which is the single freshest read of economic conditions in the Eurozone. Readings over the past few months have declined as the slowdown in the region and the turmoil caused by Brexit cast a pall on economic activity. Still, the reports remain above the 50 boom/bust line. Yet if the number surprises to the downside, and worse yet slip to below 50, the selling in the euro could accelerate and drag EURGBP back towards .8500 carving out a clear double top in the pair.