Forex: EUR/GBP extends upside to 0.8569 high
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EUR/GBP
FXstreet.com (Barcelona) - The EURGBP kept creeping higher on Monday, with 0.8530 zone holding any downward attempt. The cross reached 0.8569 high, so far, and current price action is not much far from there.
Although there wasn't much from the UK on the headlines, the British Pound remains weak against the currently bullish Euro. The key events for the UK this week will be on Wednesday (M4 money supply) and Friday (UK Manufacturing PMI).
"Further upside beyond the crucial 200 week moving average at 0.8533 is contingent upon EUR-USD moving higher across the board in the short term, so we expect a less aggressive pace of EURGBP appreciation in the coming days", wrote Commerzbank analyst Peter Kinsella.
Although there wasn't much from the UK on the headlines, the British Pound remains weak against the currently bullish Euro. The key events for the UK this week will be on Wednesday (M4 money supply) and Friday (UK Manufacturing PMI).
"Further upside beyond the crucial 200 week moving average at 0.8533 is contingent upon EUR-USD moving higher across the board in the short term, so we expect a less aggressive pace of EURGBP appreciation in the coming days", wrote Commerzbank analyst Peter Kinsella.
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