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The EUR/GBP cross finds itself in a tug of war between cable bulls who think that UK will be the first to hike rates and euro bulls who think that the continent is on the verge of recovery aided by surging German economy. Today we have two pieces of data that could potentially move the market as traders focus first of the German GFK consumer sentiment data and then on the 2nd revision of UK GDP. Although neither data set is markedly important and combination of positive or negative surprises could move the cross in either direction. With German economy continuing to perform well the prospect of a stronger GFK reading is possible. On the other hand the weather related impact could have some negative surprises in store for UK GDP and that could push the cross towards the 8300 figure. If both data sets come in as expected however, EUR/GBP could continue to tread water.
EUR/GBP remains in a very tight volatility range with 8200-8300 range continuing to contain all the price action. A break above open a run to 8500 while a break below creates the conditions for another test of 8140 lows.