EUR/GBP set on a break of 0.9000

Ross J Burland FXStreet

Currently, EUR/GBP is trading at 0.8993, up 0.74% on the day, having posted a daily high at 0.8999 and low at 0.8925.

EUR/GBP, currently at its highest point since 11th Oct, is showing little sign of correcting and has extended the upside post UK's retail sales while the market is keeping an ear to the ground in respect to UK's PM May who will put her Brexit case to the EU over a dinner later today. UK retail sales came in at -0.8% in Sept vs -0.1% forecasted.

UK retail sales drop sharply in Sept, a big miss on expectations

EUR/GBP levels

EUR/GBP bulls look set on an attempt of 0.9033 peak en route to 0.9093 -- 61.8% retrace of the 0.9307 to 0.8747 (August to September) fall. However, to the downside, analysts at Commerzbank expect that the seven month support line at .8806 will be tested. "Directly below the support line lies a major band of support which extends down from the .8747/43 July and September lows to the .8729 level. It contains the 200 day ma, 55 week ma, and the 2015-2017 uptrend. Below .8729 would target the .8530/78.6% retracement of the move seen this year.," the analysts added.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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