EUR/GBP has edged just below the 0.86 level. Kit Juckes, Chief Global FX Strategist at Société Générale, analyzes Sterling’s outlook.
GBP/USD does not look stretched
One side-effect of the soft German data has been a slide in EUR/GBP since the end of December, to the lowest level since mid-December.
There’s been nothing to shout about from UK data recently, but GBP/USD doesn’t look stretched and if EUR/USD holds here, Sterling may make an early push for USD 1.30.
See: EUR/USD has a chance to push back above 1.10 this week if holds above 1.09 today – SocGen
Source: https://www.fxstreet.com/news/gbp-usd-may-make-an-early-push-for-130-if-eur-usd-holds-here-socgen-202401091129