EUR/GBP meets resistance near 0.8880, eyes on Brexit

Pablo Piovano FXStreet

EUR/GBP stays close to session tops in the proximity of 0.8880, always on the back of persistent weakness around the British Pound.

EUR/GBP focused on Brexit

After three consecutive daily pullbacks, the European cross is now rebounding markedly to the proximity of the key barrier at 0.8900 the figure.

In fact, the continuation of the selling mood around the Sterling gives fresh oxygen to the upside momentum in the cross against the backdrop of lack of fresh positive developments around the Brexit negotiations.

All eyes now remain on the discussion of May’s deal in the House of Commons, starting on December 4 while the key vote is expected on December 11. According to prior surveys, the deal is unlikely to pass, weighing further on GBP and opening the door for extra upside in the cross.

EUR/GBP key levels

The cross is now up 0.44% at 0.8880 and a breakout of 0.8884 (100-day SMA) would expose 0.8933 (high Nov.19) and then 0.8941 (high Oct.30). On the other hand, the immediate support is located at 0.8834 (200-day SMA) seconded by 0.8832 (low Nov.23) and finally 0.8809 (21-day SMA).

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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