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Thomson Reuters
Aug 08 - 12:12 AM
EUR/GBP - COMMENT-EUR/GBP Tests 2018 High As Brexit Fears Dominate
First appeared on eFXplus on Aug 07 - 10:05 PM

EUR/GBP is up against a key resistance area at 0.8964/68, 50 percent of its 2017-2018 fall and the 2018 high, as concerns over the outcome of Brexit grow.
The uncertainty has been ever-present since the June 2016 referendum, but as negotiations approach their final stages, with the next meeting on September 20 nL5N1US68K and little sign of a workable compromise, speculation is building that a hard Brexit could easily be the final outcome nL5N1UX3C2.
The technical setup for EUR/GBP is positive with 5, 10 and 21 daily and weekly moving averages trending north.
A sustained break of 0.8970 would initially target a test of the 0.9015/35 area, which is a series of weekly highs from October and November 2017, followed by 0.9045, 61.8 percent of the 2017-2018 fall.
A Brexit breakthrough or a resurgence of euro zone political uncertainty, with the Italian budget as the initial hurdle nL5N1UY1FH, would be needed to undermine the topside bias, though both appear unlikely in the short term.
A close below the rising 0.8898 21-day moving average would flag that something is wrong with the bullish analysis.

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Source:
Thomson Reuters IFR Markets

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