30 Apr 2015
EUR/GBP: Headed for April highs?
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7318 with a high of 0.7318 and a low of 0.7187.
EUR/GBP has been driven further to the upside to print fresh highs for April as we start to close the books down for month end in a short squeeze on euro crosses that are the name of the game.
Whether this is a real breakout is yet to be seen, and may be that profit takings are at play with a market that has been very short of the euro for some time while signs of a more optimistic eurozone are beginning to emerge. This coupled with GBP/USD bears pilling in and taking the major for a walk down below the 1.54 handle leaves the cross exposed to further upside pressures and leaves the door open for 0.7380 and April highs.
EUR/GBP has been driven further to the upside to print fresh highs for April as we start to close the books down for month end in a short squeeze on euro crosses that are the name of the game.
Whether this is a real breakout is yet to be seen, and may be that profit takings are at play with a market that has been very short of the euro for some time while signs of a more optimistic eurozone are beginning to emerge. This coupled with GBP/USD bears pilling in and taking the major for a walk down below the 1.54 handle leaves the cross exposed to further upside pressures and leaves the door open for 0.7380 and April highs.