EUR/GBP touches its lowest level since 5 April
There isn’t much stopping the pound train this week as even with month-end flows out of the way, the quid is the best performing major currency in trading today. And that has seen EUR/GBP slip to a low of 0.8587, its lowest level since 5 April.
There is some support/light bids noted around 0.8580 but the 5 April low of 0.8557 will be a key level to watch for any near-term reprieve in the pair. Further support is seen around the swing region closer to 0.8540 before we move towards a test of 0.8500-10 levels.
The UK manufacturing PMI data earlier didn’t offer much for traders to really work with as stockpiling is still having some effects in muddying the data, although its influence is starting to wane. That said, it’s still largely about Brexit for the pound so until we have more fresh developments on that front, looking at the charts is possibly still the best way to get involved in the action for now.