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EUR/GBP slips below 0.8600 as UK returns to growth
Following on from the previous update, noting the better than forecast UK GDP data and return to growth for the UK economy, the Pound has moved a little higher. The rise in the GBP/USD is still not that impressive yet though and that could be due to the major resistance level in place at 1.2543. That is the price point of the 200 day moving average and it has been capping the topside for a while now. It remains to be seen, if the Pound can vault this level, but at the same time this positive news has pushed the EUR/GBP lower again and back underneath the 0.8600 handle. That might be a better avenue for some traders to trade off this good news, but we shall see, if that downside in the EUR/GBP can extend further. The initial move lower would suggest that it might. The EUR/GBP is currently trading at 0.8597
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