EUR/GBP drops sharply to 0.9025, 3-week low as Pound jumps on Merkel’s comments.


  • Pound jumps across the board following comments from German Chancellor. 
  • EUR/GBP breaks range and tumbles toward 0.9000.

The Pound rose sharply and pushed EUR/GBP sharply to the downside. The pair is having the worst performance in months, extending the correction from August highs. 

Brexit deal hopes boost GBP 

Angela Merkel said that a solution to the Irish border could be found before the October 31 deadline. Her comments triggered some optimism to avoid a hard Brexit. UK Prime Minister Boris Johnson also meet French President Emmanuel Macron. According to Macron, Johnson must present concrete proposals for Brexit. 

Today’s meetings and comments triggered a rally in the Pound that is the best performer in the market. EUR/GBP was hovering around 0.9120 and tumbled to 0.9027 in a few minutes, reaching the lowest since July 29. 

As of writing trades at 0.9045, down 90 pips for the day. It is consolidating the breakout of a trading range between 0.9095 and 0.9170 that had been in place since last Friday. 

The Euro continues with the correction that started two weeks ago from the multi-year high it reached at 0.9323. Since then it had fallen almost 300 pips, posting losses in six out of the last eight trading days. 

EUR/GBP

Overview
Today last price 0.9042
Today Daily Change -0.0098
Today Daily Change % -1.07
Today daily open 0.914
 
Trends
Daily SMA20 0.9165
Daily SMA50 0.9041
Daily SMA100 0.8876
Daily SMA200 0.8833
Levels
Previous Daily High 0.9164
Previous Daily Low 0.9115
Previous Weekly High 0.9326
Previous Weekly Low 0.909
Previous Monthly High 0.9192
Previous Monthly Low 0.8892
Daily Fibonacci 38.2% 0.9145
Daily Fibonacci 61.8% 0.9134
Daily Pivot Point S1 0.9116
Daily Pivot Point S2 0.9091
Daily Pivot Point S3 0.9067
Daily Pivot Point R1 0.9164
Daily Pivot Point R2 0.9188
Daily Pivot Point R3 0.9212

 


 

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