EUR/GBP climbs to highest level since January at 0.9085

No deal Brexit fears continue to weigh on GBP.
UK's Raab says they are 'turbo-charging' no deal Brexit preparations.
GBP/USD slumps to lowest level since April 2017, loses more than 100 pips.

Eren Sengezer FXStreet

The British pound is suffering heavy losses against its major rivals on Monday as revived fears of no deal Brexit force investors to move away from the currency. The EUR/GBP pair gained more than 1% today and touched its highest level since early January at 0.9085 and was last seen trading at 0.9078.

UK heading to a hard Brexit?

Following Cabinet Officer Minister Gove's comments about no-deal being a real prospect over the weekend, British Foreign Secretary Dominic Raab said that they were 'turbo-charging' no deal Brexit preparations. Furthermore, British Prime Minister Boris Johnson's spokeswoman told reporters that if the EU continues to refuse to reopen the Withdrawal Agreement to negotiation they must assume that there will be a no deal. "The government’s central focus is preparing for that," the spokeswoman added.

Reflecting the broad GBP weakness, the GBP/USD pair slumped to its lowest level since April 2017 at 1.2243 and is now down 1% on the day at 1.2260.

Technical levels to watch for

EUR/GBP

Overview
Today last price	0.9074
Today Daily Change	0.0088
Today Daily Change %	0.98
Today daily open	0.8986

Trends
Daily SMA20	0.8976
Daily SMA50	0.8918
Daily SMA100	0.8764
Daily SMA200	0.8798

Levels
Previous Daily High	0.899
Previous Daily Low	0.8912
Previous Weekly High	0.9006
Previous Weekly Low	0.8892
Previous Monthly High	0.8994
Previous Monthly Low	0.8824
Daily Fibonacci 38.2%	0.896
Daily Fibonacci 61.8%	0.8942
Daily Pivot Point S1	0.8935
Daily Pivot Point S2	0.8885
Daily Pivot Point S3	0.8858
Daily Pivot Point R1	0.9013
Daily Pivot Point R2	0.904
Daily Pivot Point R3	0.909

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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