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

 

 

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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.

EUR/USD News

GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.

GBP/USD News

XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures