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EUR/GBP tracks lower as EUR/USD slips towards 1.0800
The function of price discovery across the FX markets has helped the EUR/GBP to fall below 0.8500 again and that is because the robots appear to be using the EUR/GBP cross rate to deliver further EUR/USD sales. This is all due to such price discovery and it has added more downward pressure onto the EUR/USD in the process, as the price drops closer to the 1.0800 handle. The whole idea of the EUR/USD extending above 1.09 even after the ECB rate cut yesterday was very much predicated on the prospect of a weaker US unemployment report today. Well, of course that has not happened and so now the impact of that rate cut is finally impacting not just the EUR/USD, but also the EUR/GBP and the EUR/JPY right at this moment too. The EUR/GBP is now close to its most recent lows, currently trading at 0.8493
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