Europe managed

EURUSD has managed to climb pretty high on Monday, considering the fact that most banks in the Christian world where on holidays. However, the “range effect” of the holiday has soon taken over the market, and as we see this morning the pair has already corrected around 100 pips down from its top at 1.3393.
The reason for safe haven strength in the first place was the Dow Jones Industrial Average closing on the green before the holiday, supporting risk appetite trades.
The British Pound, although trading lower this morning, has managed to maintain a stronger position throughout the holiday, with EURGBP dropping to a 30 day low breaching under its support 0.8952.
GBPUSD printed 1.4925 getting closer to its target 1.5 resistance. The pair has definitely kept its upward momentum since first of April.In an anti-dollar environment, the pound is bound to continue and cross the 1.5 target. However, if things will turn back to risk aversion play, cable might drop like a stone with its accelerated volatile nature, a flip in market sentiment might easily drive us under 1.45 before we know it. Therefore, be on the alert if you are trading GBPUSD at this particular juncture.