EUR/GBP: a sell on rallies, stalling at 0.8750?

Currently, EUR/GBP is trading at 0.8741, up 0.91% on the day, having posted a daily high at 0.8751 and low at 0.8655.

EUR/GBP took off with the Brexit fears theme kicking in again as PM May proposes to make a speech related to Brexit next week, sparking concerns as to how hard the Brexit will be driving an exodus out of the UK market on Thursday.

"We continue to await the Supreme Court ruling on the Brexit case, which could be issued any day now, explained analysts at Societe Generale, adding, "There is growing speculation that the court will affirm the need to obtain parliamentary approval before triggering Article 50. We recommend fading EUR/GBP rallies using options as we expect the euro to come under renewed pressure as European political risk flares up again in coming weeks."

EUR/GBP levels

Current price is 0.8745, with resistance ahead at 0.8751 (Daily High), 0.8757 (Daily Classic R3), 0.8771 (Weekly Classic R3), 0.9118 (Annual High) and 0.9118 (3 Year High). Next support to the downside can be found at 0.8731 (Daily Classic R2), 0.8706 (Yesterday's High), 0.8699 (Daily Classic R1), 0.8697 (Hourly 20 EMA) and 0.8691 (YTD High).

1 Week
Avg Forecast 0.8675
0.0%100.0%75.0%0-1001020304050607080901001100
  • 75% Bullish
  • 25% Bearish
  • 0% Sideways
Bias Bullish
1 Month
Avg Forecast 0.8685
0.0%100.0%73.0%0-1001020304050607080901001100
  • 73% Bullish
  • 27% Bearish
  • 0% Sideways
Bias Bullish
1 Quarter
Avg Forecast 0.8732
100.0%91.0%64.0%0657075808590951000
  • 64% Bullish
  • 27% Bearish
  • 9% Sideways
Bias Bullish

 

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