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Euro Down to 1.3416, While Pound Regains Strength

May 23, 2007 (Last updated on November 29, 2009) by

EUR/USD touched new its new monthly low at 1.3416. That was a very important movement for Euro bears, but the currency pair bounced back up to high 1.3500 very soon and then flattened down to 1.3460 — showing its volatile nature. Nevertheless, mid-term trend for EUR/USD can be seen as bearish. At the same time GBP returned its positions today on Forex market after Bank of England spoke about increasing interest rates by.50% not the usual and expected 0.25% giving a lot of strength to the Pound bulls. GBP/USD touched 1.9892 and then corrected a bit to 1.9850 level.

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