EUR/GBP Trades Below 0.86 Level - The First Time Since December

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EUR/GBP Trades Below 0.86 Level - The First Time Since December

By Greg Michalowski on June 3, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

For the first time since the start of December 2008, the EUR/GBP has traded below the .86 handle. Behind the recent GBP strength, the EUR/GBP has been getting offered and fast. Not too long ago there was much talk about the possibility of parity between these two currencies and a 1.00 EUR/GBP. Looking at the below chart utilizing a Fibonacci Retracement, using 10/20’s low and a high from 12/29 we have the next possible target down at .85 or 61.8%.

eurgbp

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