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Sterling Consolidates Gains vs EUR. EUR/GBP Outlook Remains Bearish on Brexit Hopes.

EURGBP
MNI (London)
  • EUR/GBP posted an extended low of Gbp0.8867 in NY Monday before it recovered to Gbp0.8900 in post fix trade.
  • Rate closed around Gbp0.8887 and consolidated through Asia within a relatively tight range of Gbp0.8882-90.
  • Cross remains below its 10-dma(current Gbp0.8938), which keeps the near term outlook bearish, but so far holds off a challenge on its recent low of Gbp0.8861(Nov11 low) as well as its 1.0% 10-dma envelope base at Gbp0.8849.
  • Brexit trade agreement optimism continues to buoy sterling, along with positive reports concerning the AstraZeneca COVID vaccine.
  • MNI Techs: EURGBP is softer and yesterday breached last week's low of 0.8915. Attention turns to the 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 0.9016, 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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