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Cross Falls Below 200-dma For First Time Since May

EURGBP

EUR/USD hitting fresh intraday lows and nearing yesterday's lows at 1.1796. Moves not headline driven at this stage and EURGBP may be adding some weight (cross breaking below the 200-dma for the first time since May over past few mins).


  • Again, no specific newsflow behind GBP move, more likely a confluence of factors: markets pricing out likelihood of easing next year (driven by yesterday's vaccine-induced rally), and could be getting some support from House of Lords resistance to Internal Markets Bill yesterday (makes including the elements that run against international law more difficult).
  • Likely an element of short squeeze also - CFTC data still shows markets with a sizeable net GBP short.
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