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GBP up on Brexit Talks Extension, Though Market Waits to be Convinced

EURGBP
MNI (London)
  • Friday's reaction to negative comments concerning Brexit negotiations saw GBP lose ground across the board, EUR/GBP clearing outside of its 1.0% 10-dma envelope to bring pressure to bear on the topside of the 2.0% envelope.
  • The cross touched a high of Gbp0.9230, eased to Gbp0.9142 before it settled around Gbp0.9160 through to the close.
  • Weekend announcement, that brushed aside the Sunday 'deadline' for Brexit negotiations with talks continuing, provided a boost for GBP into Asia.
  • EUR/GBP gapped to Gbp0.9071 at the Asia open before buyers emerged to edge it back to Gbp0.9119. However, the cross was seen struggling to hold above Gbp0.9100 into Europe.
  • Brexit headlines remain a key driver of GBP direction, talks continue but details kept tight; EU Barnier to address EU Ambassadors this morning on progress.
  • Support Gbp0.9060, Gbp0.9047(current 10-dma). Resistance Gbp0.9120, Gbp0.9137(current topside 1.0% envelope) Gbp0.9160.
  • MNI Techs: EURGBP is volatile. The cross gapped lower at the open but has already filled the gap. From a technical perspective, chart conditions remain bullish. This follows a recent break of the trendline resistance drawn off the Sep 11 high and last week's acceleration higher. Potential is seen for a climb towards the major resistance at 0.9292, Sep 11 high. On the downside, initial support is today's low of 0.9060.
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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