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The charge towards 0.8600 in the EUR/GBP is hard to explain
The recent charge higher in the EUR/GBP has seen it rise close to the 0.8600 handle this week. That is almost 300 points above the lows seen last week. Speaking to a number of analysts about this, there is some consternation about that. In fact, all cannot really pin this down to anything fundamental and it can only reside in significant repositioning due to the extreme situation across the wider stock and bond markets. The best guess here is possible liquidation of UK bonds to cover losses over the channel, but that is flimsy at best to be honest with you. The EUR/GBP reached 0.8589 yesterday and closed in the US at 0.8570. The range seen so far this morning has been covered by 0.8565 to 0.8586 and it is close to session highs right now. That is keeping the GBP/USD suppressed and below its 200 day moving average, which it closed well below last night. That is currently at 1.2814. There will be more to add on the GBP/USD a little later. The EUR/GBP is right now at 0.8585
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