EUR/GBP flirts with session lows, still comfortable above 0.9200 mark

  • EUR/GBP drifts into the negative territory for the second consecutive session on Tuesday.
  • The sterling gained traction despite fears of a no-deal Brexit and exerted some pressure.
  • The bid tone surrounding the euro should attract some dip-buying and help limit losses.

The EUR/GBP cross failed to capitalize on its early uptick and has now retreated around 45 pips from daily tops, around the 0.9260 region.

The UK's controversial Internal Market Bill passed the first hurdle in the House of Commons and added to the market worries about a no-deal Brexit. The GBP bulls, however, seemed rather unaffected, instead took cues from mostly better-than-expected UK employment details.

The ONS reported this Tuesday that the number of people claiming unemployment-related benefits stood at 73.7K, well below consensus estimates pointing to a reading of 100K. Adding to this, the previous month's reading was also revised down to 69.9K from 94.4K reported earlier.

A pickup in demand for the British pound was seen as one of the key factors that dragged the EUR/GBP cross into the negative territory for the second consecutive session. However, the prevalent bullish sentiment surrounding the shared currency helped limit any deeper losses.

The shared currency continued benefitting from the ECB's relatively optimistic outlook on the region's economic recovery. The view was further reinforced by upbeat Eurozone and German ZEW Economic Sentiment Index for September, which jumped to 73.9 and 77.4, respectively.

The EUR/GBP cross was last seen hovering near the 0.9220 region. Given the overnight bounce from the 0.9200 round-figure mark, it will be prudent to wait for some strong follow-through selling before confirming that the cross might have topped out in the near-term.

Technical levels to watch


Today last price 0.9222
Today Daily Change -0.0014
Today Daily Change % -0.15
Today daily open 0.9236
Daily SMA20 0.9014
Daily SMA50 0.903
Daily SMA100 0.8977
Daily SMA200 0.8804
Previous Daily High 0.9266
Previous Daily Low 0.9201
Previous Weekly High 0.9292
Previous Weekly Low 0.8929
Previous Monthly High 0.907
Previous Monthly Low 0.8909
Daily Fibonacci 38.2% 0.9226
Daily Fibonacci 61.8% 0.9241
Daily Pivot Point S1 0.9203
Daily Pivot Point S2 0.917
Daily Pivot Point S3 0.9138
Daily Pivot Point R1 0.9268
Daily Pivot Point R2 0.9299
Daily Pivot Point R3 0.9333



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD holds above 1.17, shrugging off upbeat US consumer confidence

EUR/USD is trading above 1.17, holding its gains despite upbeat US data. The CB Consumer Confidence jumped to 101.8 points, beating estimates. Fed speakers are awaited and the presidential debate is eyed.


GBP/USD retreats from highs amid Brexit, coronavirus uncertainty

GBP/USD is retreating from the highs close to 1.29 as concerns about Brexit talks and rising UK coronavirus cases are taking their toll on the pound. 


XAU/USD holds steady near multi-day tops, around $1890 region

Gold built on the previous day's goodish bounce from 100-day SMA and edged higher through the first half of the trading action on Tuesday. The overnight sustained move beyond 100-hour SMA was seen as a key trigger for bullish traders and pushed the commodity to multi-day tops.

Gold News

Presidential Debate Preview: Trump may lose due to his own buildup, market implications

The first presidential debate is set to shake up the elections campaign.  President Trump's playing down of challenger Biden's skills may turn into a double-edged sword. Markets will move on implications for a new fiscal relief package. 

Read more

WTI drops to fresh lows near $39.70 ahead of API

Prices of the American benchmark for the sweet light crude oil broke below the $40.00 mark per barrel and slipped back to the $39.70 region on Tuesday.

Oil News