The EUR/GBP continued to struggle at the 0.8750 area once again yesterday, ending the trading session with a doji candle, sending a clear signal of indecision at this level, which has been duly validated in this morning’s early trading session, with the pair retreating lower, and moving back below the 0.8700 region at the time of writing.
Markets are off to a positive start in the early week, with two key developments over the weekend seen as the primary drivers for the initial surge in risk correlated assets. The news that EU assistance to the Spanish banking sector in the amount of Eur100B has well exceeded estimates of most analysts, while Chinese data was not as bad as many had feared. Both of these developments have resulted in a market rally driven by the expectation that the global economy will continue to be supported by proponomics.
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