EUR/GBP falls to a new low on the week

The price action on the EUR/GBP so far this week has seen it drift gradually lower. It has just now fallen to its lowest levels of the week, at 0.8315. The reasons for this are not one-dimensional either. On the one hand today you have improved UK data and in truth a less bleak immediate outlook for the UK economy. Having said that, it is still not great further out, but in the short-term less so. Also those higher UK yields are supporting the Pound, versus both the Euro and the dollar. The UK 10 year note yield is lower this morning though. The fall in the EUR/GBP has come after it pressed further below its 100 day moving average (now at 0.8333). The Euro had closed above that last night, at 0.8341, but right now that looks much less likely later today. The EUR/GBP is right now at 0.8317