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FxWirePro: GBP under intense selling pressure, EUR/GBP hits fresh multi-year highs

GBP under intense selling pressure following UK Prime Minister Theresa May's comments over the weekend. Upbeat construction PMI data released earlier largely ignored by GBP bears. EUR/GBP hits fresh multi-year highs at 0…

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FxWirePro: GBP under intense selling pressure, EUR/GBP hits fresh multi-year highs
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  • GBP under intense selling pressure following UK Prime Minister Theresa May's comments over the weekend.
     
  • Upbeat construction PMI data released earlier largely ignored by GBP bears.
     
  • EUR/GBP hits fresh multi-year highs at 0.8765, bias higher.
     
  • Technicals are bullish and support further upside, on track to hit 0.8815 
     
  • We see weakness only below 20-DMA at 0.8555.
     
  • Our previous call (http://www.econotimes.com/FxWirePro-EUR-GBP-spikes-to-fresh-highs-since-Aug-2013-bias-higher-329162) is progressing.
    ​

Recommendation: Hold for targets.
 

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