EUR/GBP tumbles from above 0.9000 toward 0.8800 as Pound soars on Brexit deal hopes


  • Pound jumps in the market on Brexit headlines. 
  • EUR/GBP remains vulnerable despite 150-pips decline. 

The EUR/GBP pair dropped from one-month highs to the lowest in two weeks, leaving multi-month lows exposed. A rally of the British Pound pushed the pair sharply lower during the American session, making a dramatic reversal. 

Brexit, this time boosted GBP

After a meeting with UK Primer Minister Boris Johnson, Irish PM Leo Varadkar said a Brexit deal is possible following and triggered a rally of the Pound. A deal has not been achieved yet and difficulties are seen ahead as the deadline approaches. On Friday negotiations between UK and European Union officials will continue. 

Now, a deal looks like a possibility and the outlook for GBP crosses changed dramatically. The Pound had the best day in years. An improvement in risk sentiment also benefited the currency. The Euro dropped versus the Pound Pound but EUR/CHF jumped approaching 1.1000. 

EUR/GBP Levels 

The pair dropped from 0.9018 to 0.8829 in a few hours, falling from monthly highs to weekly lows. During the slide broke key technical support levels and it nows looks vulnerable to more losses ahead of Friday’s Asian session. The next support is the 0.8800 area that if broken would expose 0.8785, the September low. 
 

EUR/GBP

Overview
Today last price 0.8838
Today Daily Change -0.0151
Today Daily Change % -1.68
Today daily open 0.8989
 
Trends
Daily SMA20 0.8882
Daily SMA50 0.9019
Daily SMA100 0.8979
Daily SMA200 0.8832
 
Levels
Previous Daily High 0.8996
Previous Daily Low 0.8938
Previous Weekly High 0.8938
Previous Weekly Low 0.8832
Previous Monthly High 0.915
Previous Monthly Low 0.8786
Daily Fibonacci 38.2% 0.8974
Daily Fibonacci 61.8% 0.896
Daily Pivot Point S1 0.8953
Daily Pivot Point S2 0.8916
Daily Pivot Point S3 0.8894
Daily Pivot Point R1 0.9011
Daily Pivot Point R2 0.9033
Daily Pivot Point R3 0.907

 

 

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