EUR/GBP around 0.8700 ahead of key Brexit vote

The cross extends the weekly advance beyond the 0.87 handle.
The House of Commons will vote on Brexit ‘Plan B’ and amendments.
Consensus around today’s outcome remains pretty divided.

Pablo Piovano FXStreet

The selling bias around the British Pound is still well in place during the first half of the week, motivating EUR/GBP to inch higher and regain 0.8700 the figure and above.

EUR/GBP looks to Brexit vote

The European cross is navigating fresh 3-day tops in the 0.8700 handle and above on Tuesday, up for the second session in a row and always bolstered by the continuation of the offered tone around the Sterling.

GBP is poised to remain under the microscope for the time being, as the House of Commons will vote later today on PM T.May’s Brexit ‘Plan B’ and amendments put forward by several MPs.

However, the focus of attention remains on the speech by Theresa May amidst a highly divided consensus over the potential outcome.

EUR/GBP key levels

The cross is now gaining 0.17% at 0.8697 and a break above 0.8710 (high Jan.29) would open the door to 0.8739 (10-day SMA) and fianlly 0.8861 (200-day SMA). On the other hand, the next support is located at 0.8617 (2019 low Jan.25) seconded by 0.8402 (monthly low Feb.22 2017) and finally 0.8382 (monthly low May 10 2017).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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