Against a backdrop of EUR short covering, GBP has come under further selling pressure. Moves at the back end of last week saw EUR/GBP accelerate higher through a multi-month channel top and GBP/USD break below its longer-term average to test the neckline of a large topping pattern. However, it is not just against the major currencies that GBP is losing ground as crosses such as GBP/NZD break important range lows to open levels not seen in the best part of a year.
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Barclays Capital