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German election result helps EUR/GBP back above 0.8300 this morning
On Friday afternoon the EUR/GBP fell to its lowest level of the week, when it just about took out the prior low at 0.8266 (set on February 19). The low seen immediately after the 4pm London fix on Friday was set at 0.8265. Of course a good deal of the pressure ahead of the weekend was all due to uncertainty over the German election result. The EUR/GBP later closed on Friday at 0.8278. Understandably, it has rebounded so far today and pushed back above the 0.8300 handle. The real question from here on; is how much further can that rebound extend? Well, all the while above what might be a double bottom on the daily charts (at 0.8266 and 0.8265) there is potential for a further recovery. Nevertheless, headwinds are still in place and the longer-term chart dynamic looks merely corrective and at this stage not yet dynamic. The EUR/GBP is currently trading at 0.8301
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