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EUR/GBP sets a daily and weekly close above 0.8600 for the first time since January 2

As noted in the previous update, the main driver for the slide in the GBP/USD late on Friday was a one-dimensional move higher in the EUR/GBP. In fact, the Euro set its first daily and weekly close above the 0.8600 handle since the very beginning of January. That close was at 0.8614 and the high of the day prior to that was set at 0.8616. The earlier session low was set at 0.8554. The slide in the Pound on Friday helped to boost the FTSE 100 futures after the European close. This rather sudden shift lower in the Pound also delivered a daily close above its 200 day moving average (at 0.8606) for the first time since January 2. This is all due to recent BOE rhetoric and as such that could be turned around of course. For the time being though, the markets seemed to have latched onto the idea; that the BOE will now out-cut the ECB and the Fed. So, overnight the EUR/GBP has held the gains above 0.8600. The range seen so far has been set at 0.8602 to 0.8617. It is currently trading at 0.8612 
 

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