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Brexit Worry Resurfaces

GBP

GBP has been offered in Asia, damaged by press reports suggesting that EU leaders want to draw up plans for a no-deal Brexit. The Telegraph cited senior diplomats warning that leaders would ask the European Commission to launch preparations for a no-deal scenario, should no agreement was reached with London by Friday. In Asia hours, the Times reported that the push from EU leaders may come as soon as today.

  • GBP/USD has shed 42 pips and trades at $1.3231. Bears need a fall through Nov 12 low of $1.3106 to jump into the driving seat. Bulls look for a rebound above Nov 11 high & bull trigger at $1.3312.
  • EUR/GBP trades +22 pips at GBP0.8954. Bullish focus falls on Nov 12 high of GBP0.9004, followed by trendline drawn off the Sep 11 high at GBP0.9037. On the flip side, bears need a dip through Nov 12 low of GBP0.8903 before targeting Nov 11 low of GBP0.8861.
  • GBP/JPY last seen at Y137.27, 51 pips worse off. Losses past the 100-DMA at Y137.09 would turn focus to Nov 9 low of Y135.78. Meanwhile, a jump above Nov 16 high of Y138.87 would give bulls some reprieve.
  • There's little of note on UK docket today, with retail sales coming up on Friday.
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