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GBP/EUR rates rise above 1.40 (Joshua Privett)
We now appear to be in a state of market limbo. After Sterling’s free-fall over the past week, where highs of 1.44 evapourated and 1.39 was seen on the markets yesterday, GBP/EUR rates have rebounded into 1.40 during this morning’s trading.
It is likely that those looking to sell Euros saw the interbank on GBP/EUR hit 1.39 and did not want to gamble any more on the rates moving in their favour. This mass sell-off saw the EUR getting devalued and allowed GBP/EUR rates to recover back to 1.405, which has caused more Euro sellers to act to avoid missing out on the opportunity. We may even see 1.41 by the end of today.
So these rates are not a reflection of any deterioration in Greek talks or poor economic data emerging from the Eurozone, this is purely market psychology and as such are unsustainable.
They are also a gift to Euro buyers when all market data and the current political stabilisation in Europe point to rates moving in the other direction. Mass purchases on the Euro by investors are expected while it is cheap for the hope of greater returns.
Those looking to buy the Euro while the markets are peaking once more should call 01494 787 478 and ask for Joshua for a free quote on your transfer and some tailored advice on your situation. Even if your requirements are not until later in the year, these rates can be pegged to make sure you are not buying at lower rates when you require your Euros. [email protected]
Source: http://www.poundsterlingforecast.com/2015/08/13/gbpeur-rates-rise-above-1-40-joshua-privett/
I don’t really like this pair too much, as the movement is extremely tough to handle and if we don’t manage it properly than we could be in for some serious losses, so that’s why we must be very careful. I am extremely fortunate that I work with OctaFX, it’s one of the best brokerage companies in the world and low spread of 0.2 pips, high leverage up to 1.500, stop out level just 15% while also has high class support, so we are always able to work well!