EUR/GBP to break 0.8808 swing lows?
|- EUR/GBP drops further to key support.
- EUR/GBP downside propelled on stops.
EUR/GBP fell sharply below the 200-D MA at 0.88296 on continued failures at the 100 day MA at 0.8892. Currently, EUR/GBP is trading at 0.8816, down -0.84% on the day, having posted a daily high at 0.8911 and low at 0.8810.
The London fix sent sterling on a tear yet again and the move has been extended through the 1.39 handle to fresh highs of 1.3942 on stops. The pound has been better bid since the reports that Spain and the Netherlands are willing to back a soft Brexit deal and sending the pound to is at the highest level against the dollar since the referendum.
EUR/GBP levels
EUR/GBP fell just short of the 0.8808 swing lows and analysts at Commerzbank explained that below 0.8808 would retarget the 0.8697 recent low. "Key near-term resistance is the 0.9034 October 12 2017 high. This remains the barrier to the 0.9071/0.9175 61.8% and 78.6% Fibonacci retracements," the analysts explained.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.