EUR/GBP finds support near the 21-day SMA, remains below 0.9000

EUR/GBP recovers ground lost and approaches 0.9000.
EUR remains bid on USD-weakness; pushes the cross higher.
UK jobs, ZEW survey next of relevance in the docket on Tuesday.

Pablo Piovano FXStreet

The continuation of the buying interest around the single currency is lending fresh wings to EUR/GBP to the 0.8980 region.

EUR/GBP now looks to UK, EMU

The European cross is trading on a positive note after two consecutive daily pullbacks, all in response to the unabated buying interest in the shared currency and some fresh selling mood surrounding the Sterling.

There is no fresh news around the Brexit negotiations, while latest events signal that frontrunner candidate Boris Johnson could be assessing a trade deal with the US following the October 31 deadline.

Later in the week, UK jobs and the ZEW survey are due tomorrow, followed by key UK inflation figures for the month of June and final CPI prints in Euroland on Wednesday.

What to look for around GBP

Rising uncertainty in the UK political scenario and around the Brexit process is expected to keep the Pound under permanent pressure for the time being. In the UK economy, poor results from key fundamentals continue to add to the sour prospects for the economy in the months to come and collaborate further with the bearish view on the currency in the foreseeable future. On another direction, the overall tone from the BoE appears to have shifted towards a more dovish gear, while markets have started to price in the likeliness of a rate cut at some point in Q3/Q4.

EUR/GBP key levels

The cross is gaining 0.26% at 0.8982 facing the next hurdle at 0.9010 (monthly high Jul.10) seconded by 0.9062 (low Jan.11) and finally 0.9092 (2019 high Jan.3). On the other hand, a break below 0.8951 (21-day SMA) would expose 0.8872 (low Jun.20) and then 0.8826 (low Jun.5).

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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