EUR/GBP Update – 18/09/2017 (11:30am) – by Arjun Lakhanpal

EUR/GBP Update – 18/09/2017 (11:30am): GBP rally stalled its post-BoE upsurge and helped the EUR/GBP cross to stage a modest recovery from near two-month lows. With investors looking past last week’s hawkish BoE twist, a modest profit taking slide around the sterling seems to have prompted some short-covering and helped the cross to snap six consecutive days of losing streak. A follow through recovery beyond 0.8830-35 zone could get extended towards the 0.8870-75 region before the cross attempts a move towards reclaiming the 0.8900 handle. On the flip side, renewed weakness below 0.8785-80 area could accelerate the slide towards mid-0.8700s en-route 0.8720 support and the 0.8700 area.