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For the past three months the EURGBP has been confined to a trading range between roughly .78 on the bottom side and .80. Again the bearish economic and political situations in Europe weigh heavily on the euro. But the European continent is Britain's biggest trading partner. What is bad for the euro is certainly not good for the pound. Consequently the pair remains range bound.
The bear news in the euro took the pair to .7815, and has currently bounced back to around the .7840 area.
Early tomorrow December 23rd there are some fundamental economic numbers which may influence the pair. The UK current account, expected to be -13.2£ will be announced. We also get the GDP Q/Q, estimated at +0.7%, and the Y/Y at +3.0%. Should these numbers fall short of expectations we might see a continuation of the rally if the markets are void of further news. I would use a rally close to the .79 area as a place to sell the pair.
It is my opinion this pair is eventually break to the down side. The economy of Britain has problems and there is an election looming, but with the Greek and Italian debt problems the EU seems to be the bigger mess. A trade below .7750 would probably mean there would be a break to around .75. While this is not a big move, the fate of these two currencies is closely related. As a result there may be opportunities for multiple 50 pip moves for the skillful traders. Try selling the rallies. The future of the pound seems better than that of the euro.
The bear news in the euro took the pair to .7815, and has currently bounced back to around the .7840 area.
Early tomorrow December 23rd there are some fundamental economic numbers which may influence the pair. The UK current account, expected to be -13.2£ will be announced. We also get the GDP Q/Q, estimated at +0.7%, and the Y/Y at +3.0%. Should these numbers fall short of expectations we might see a continuation of the rally if the markets are void of further news. I would use a rally close to the .79 area as a place to sell the pair.
It is my opinion this pair is eventually break to the down side. The economy of Britain has problems and there is an election looming, but with the Greek and Italian debt problems the EU seems to be the bigger mess. A trade below .7750 would probably mean there would be a break to around .75. While this is not a big move, the fate of these two currencies is closely related. As a result there may be opportunities for multiple 50 pip moves for the skillful traders. Try selling the rallies. The future of the pound seems better than that of the euro.