EUR/GBP Trades Below 0.86 Level - The First Time Since December

For the first time since the start of December 2008, the EUR/GBP has traded below the .86 handle.  Behind the recent GBP strength, the EUR/GBP has been getting offered and fast.  Not too long ago there was much talk about the possibility of parity between these two currencies and a 1.00 EUR/GBP.  Looking at the below chart utilizing a Fibonacci Retracement, using 10/20’s low and a high from 12/29 we have the next possible target down at .85 or 61.8%.