Societe Generale’s Kenneth Broux highlights that EUR/GBP is trading within a Head and Shoulders pattern, implying potential downside if key levels give way.
The GBP/JPY cross edges lower during the Asian session on Tuesday and erodes a part of the previous day's strong gains to the 214.70 region, or a fresh monthly peak. Spot prices, however, lack follow-through selling and currently trade around the 214.35 area, down just over 0.10% for the day.
US President Donald Trump said negotiations toward a deal with Iran to end their conflict and reopen the Strait of Hormuz were "proceeding nicely,” Bloomberg reported on Monday.