EUR/GBP extends upside move to above 0.8600

Taking to several analysts most recently one of the biggest surprises seen across the financial markets over the past week has been the really marked rise in the EUR/GBP. Initially many analysts viewed the 10% trade tariff on the UK as a positive compared to the 20% increase on the EU. Perhaps that should have supported the Pound more versus the Euro? Well, as you can see it clearly has not and the breakout seen since has now delivered a move above 0.8600 in the EUR/GBP. what is clear; this news from the US comes just at the wrong moment for the UK economic outlook, as a whole raft of tax increases on business kick in this month. Either way this has jilted the Pound versus the Euro. It closed last night at 0.8583 and that was its highest daily close of the year. The price action today has seen it extend the move higher, reaching 0.8636 earlier. That is very close to the highs seen since April last year, when it reached 0.8645. The EUR/GBP is right now at 0.8615