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Is The EURGBP About To Turn Around?


Djamel Brahimi

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Guest Sam Bouman

The EURGBP pair has been rising for roughly the last six weeks or so but seems to have stalled at the 0.8940-60 level, with the Euro making rapid gains the last month especially against the pound and US dollar (mainly due to GBP and USD weakness) it seems that the steam has run out slightly.

As for whether it could turn around at this point is another question as we haven’t seen any fundamental news regarding the pound that would see it gain any strength. The main news we would be looking for in order to see some pound strength will have to be regarding Brexit and the possibility of a no deal. With it still being on the table it is still seen as a very high risk to investors and will no doubt stay that way until it is either taken off the table or there is something to guarantee the safety of the British economy.

So as of now I wouldn’t be looking for this pair to turn around vastly, there may be some pull backs but no change of trend as of yet, it may be more prudent to look for Euro weakness against another currency that could gain some strength.

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