January high breaks
The January high of 0.9108 in EUR/GBP broke in a flurry of buying in EUR/GBP as the pound continues to take a beating.
EUR/GBP is now trading at the best levels since September 2017.
Like GBP/USD, there now isn’t much stopping a further 200 pip move to the longer-term extremes.
The market is getting the sense that Boris Johnson is looking for some kind of showdown with the EU.
What makes the GBP moves especially notable today is that they’re coming with very low volatility elsewhere. Aside from GBP, the moves are miniscule.