The market's ability to change directions can only be dictated by market participnts themselves. And this ie equally true with the Euro's backing the fundamental comments made by ECB Mario Draghi and currently has gained back its lost ground half-way through its previous decline.
While coming from its HI/LO range between @1.3800 / @1.3300; the current price level @1.3488 to this writing is seeking fresh incentives from market data particluarly on both sides of the continent, while waiting for the unemployment data to push market volatitlity. Meanwhile, the EURUSD gradual climb is indeed a welcome relief. Although, it is still pacing price action compared with the rally on Cable. GBPUSD is @1.6125 after coming from an anticipated correction and again is back on track even above the 1.6080 interim resistance of last week's trading.
Market conditions between these two major pairs have slowed with daily price consolidation is seen over the market place.
CCy Insight: GBP JPY / Cross Rate
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