EUR/GBP tumbles to lows near 0.8800 on GBP-buying
|- The cross trades on the defensive and erodes earlier gains.
- GBP regains some shine on absence of Brexit headlines.
- The 200-day SMA near 0.8830 holds the down move so far.
After climbing as high as the boundaries of 0.8890 on Tuesday, EUR/GBP is now shedding nearly a cent to earlier lows in the proximity of the 0.8800 handle.
EUR/GBP keeps the focus on Brexit
Following weekly peaks near 0.8900 the figure, the European cross has lost some momentum today amidst the lack of headlines from the Brexit negotiations and the wave of buying orders in the British Pound.
It is worth mentioning that the next key day will be on December 11, when the House of Commons is scheduled to vote on the May’s deal prior to the debate which is expected to start on December 4.
In the data space today, German Consumer Climate dropped to 10.4 in December, ECB’s Private Sector Loans expanded 3.2% on a yearly basis and M3 Money Supply rose 3.9% on a year to October, surpassing estimates.
EUR/GBP key levels
The cross is now losing 0.41% at 0.8826 and a breakdown of 0.8819 (low Nov.26) would aim for 0.8806 (21-day SMA) and finally 0.8720 (Low Oct.10). On the flip side, the next barrier emerges at 0.8888 (high Nov.27) seconded by 0.8933 (high Nov.19) and then 0.8941 (high Oct.30).
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