GBPEUR rates have this afternoon re-visited the highest levels seen for nearly 2 YEARS. This gives euro buyers a fantastic opportunity to buy to buy at what will probably be the highest level we will see for some time. The pattern of the movement came originally from better than expected UK data this morning which exceeded expectations, however the movement has been so large it leads many to believe it is a SPIKE. A SPIKE is a short term opportunity to buy at a high before profit is taken from the market along with the opportunity. I think this is the top end of the range we are likely to see for the next 6 week with economic data rare in the next weeks and the August shut down across a majority of Europe.
Tomorrow we have UK unemployment which will hopefully also give an opportunity so if you have not taken advantage today make sure to get in contact ready for tomorrow.
Contact us here via the author STEVE EAKINS at [email protected] to register for SPIKE NOTIFICATIONS make sure to title the email appropriately.
Longer term, and here I am talking 3 – 6 months time, I do think levels which get higher still. This will put us at the back end of the year and is when the Bank of England is expected to start raising interest rates, this is normally seen as positive for the currency in question so could give us a better price still.
This unfortunately probably putts a frown on the face of euro sellers that must be looking for some refuge from the battering they have seen recently. Personally I think this is the aim for euro sellers, trying to trade when the market gives some light relief as I think it is very unlikely that the trend will change. Again if you are in this situation register your interest via email at [email protected]