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Sits on Support at GBP0.9000 Ahead of Expected Brexit Announcement

EURGBP
MNI (London)
  • Despite strong expectations for a Brexit trade deal announcement EUR/GBP continues to meet decent support at Gbp0.9000, though seen keeping pressure on the level at writing.
  • BBC has reported that PM Johnson to speak to VdLeyen this morning around 0700GMT with a press conference at 0800GMT to follow.
  • A break below Gbp0.9000 to open a deeper move toward Gbp0.8985/80, with the base of the 1.0% 10-dma envelope coming in close behind at Gbp0.8973.
  • GBP ahead of the expected announcement looking like a buy the rumour/sell the fact. Market likely already switching focus to ratification of a deal, UK parliament likely to be recalled next week, whilst the EU parliament will struggle to ratify ahead of the Dec31 UK departure.
  • Resistance seen into Gbp0.9020 ahead of the earlier high at Gbp0.9034.
  • MNI Techs: The cross is trading sharply lower and approaching 0.9000 and the key support at 0.8983, Dec 4 / 7 low. A break of this latter level is required to highlight a more significant reversal on the chart and would open 0.8952, a retracement level ahead of 0.8929, Dec 1 low. Initial resistance is yesterday's intraday high of 0.9112.
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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