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EUR/GBP closing in on 0.8400

In relative terms the Pound has been performing best of the major currencies versus the dollar and that has helped the GBP/JPY reach a new 15 year high earlier today, at 201.61. It is off that high right now though, but that is due to the rapid swings still playing out in the USD/JPY. The GBP/USD is lower today too, but in terms of the EUR/USD, it has performed better and that has helped to push the EUR/GBP back towards the 0.8400 handle again. That level has capped the downside run over the past week and more, but each time it rebounds meaningfully, it seems to be met with sellers. In terms of the reciprocal rate 0.84 represents a GBP/EUR just above 1.1900. The chart on that right now one can see the price is at the highest levels since August 2022, when it topped out just short of 1.20. So, can the Pound now push higher to test that level? Well, in truth that prospect does look possible right now and in terms of the EUR/GBP that would imply a potential move towards 0.8333. Given the situation unfolding right now across Europe, there is also evidence of a move out of the Euro into the dollar, despite the latest US inflation news. The Pound looks like it is increasingly attracting flows in that sense too. For what it is worth, the EUR/GBP is right now on session lows, at 0.8410 
 

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