FRX: EUR/GBP Works Thorough Support After Bank Report
EUR/GBP has broken back below support in the 0.8820 area after the report from the UK Independent Banking Commission. Markets are breathing a sigh of relief and the pound is recovering early losses. UK bank stocks are firmer on the day with the commission recommending a separation of retail and investment banking, as expected, but no other major reforms.
Further support for the cross is at 0.8800 while resistance in GBP/USD is at 1.6380/90. Cable trades at 1.6370.
