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Rates Pricing Dictates Play, Boosts EUR/GBP to Best Since May

EURGBP
  • GBP has faded to trade toward the bottom-end of the G10 table, putting GBP/USD lower by 45pips on the day and 125 pips off the Monday highs. CB rate pricing continues to dictate play, with BoE pricing for the November fading by as much 1.5bps, while ECB pricing holds more steady.
  • Resultingly, EUR/GBP has broken above the 200-dma for the first time since August last year, accelerating the move on the break of 0.8706, the late September highs. Clearance of this level as well as 0.8701 puts prices at the best levels since May.
  • No subsequent follow through in options pricing, however, with front-end risk reversals in the cross unmoved and holding close to multi-month lows, at 0.25 points in favour of calls at present.
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