EUR/GBP flirting with highs near 0.8700, focus on Brexit

The cross adds to Wednesday’s gains near the 0.8700 handle.
UK officials practically ruled out a deal next week.
House of Commons will debate Brexit motion on February 27.

Pablo Piovano FXStreet

The offered bias around the Sterling is helping EUR/GBP to advance to the area of daily highs in the 0.8700 neighbourhood.

EUR/GBP looks to Brexit

The European cross is up for the second session in a row today on the back of quite a volatile performance around the British Pound, always gyrating around the Brexit negotiations.

Speaking about the devil, the House of Commons will discuss a Brexit motion next week (February 27), although UK officials have already commented that a deal in the next days appears unlikely.

In Euroland, the single currency stays under pressure following poor prints from the manufacturing sector in both Germany and the euro area, where advanced PMIs are expected to submerge further into the contraction territory in February.

EUR/GBP key levels

The cross is gaining 0.06% at 0.8691 and a breakout of 0.8739 (21-day SMA) would aim for 0.8744 (10-day SMA) and finally 0.8840 (high Feb.14). On the flip side, the next support aligns at 0.8666 (low Feb.21) seconded by 0.8655 (low Nov.13 2018) and then 0.8616 (2019 low Jan.25).

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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