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Back at 10-dma. Focus on Weekend Brexit Talks.

EURGBP
MNI (London)
  • GBP again lagging behind EUR gains vs the USD, which in turn provides EUR/GBP with a lift.
  • Cross has edged back to its key technical 10-dma (currently at Gbp0.8926) and has the level under pressure at writing.
  • Line does not provide resistance but will be watched if rate can break and close above, such a move would negate the near term recent bearish feel, as well as as exposing the top of its 1.0% 10-dma envelope (currently at Gbp0.9015.
  • Whilst cross holds(and can close below) seen keeping the bearish feel in place.
  • Support Gbp0.8890, Gbp0.8870/60. Resistance Gbp0.8935/38, Gbp0.8950/60.
  • Brexit trade negotiations remain a key driver for sterling with EU Barnier returning to London for face-to-face talks over this weekend.
  • MNI Techs: EURGBP continues to trade above recent lows. A bearish tone however remains intact. Attention is on key support at 0.8861, Nov 11 low where a break would negate recent short-term bullish signals and instead confirm a resumption of the downtrend that has been in place since the reversal on Nov 11. The cross continues to trade below trendline resistance at 0.9000, drawn off the Sep 11 high. A break is required to signal a reversal.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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