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Nov 11 - 07:55 AM

EUR/GBP - COMMENT-UK's Final Contributions Could Spark EUR/GBP Rally

By Jeremy Boulton  —  Nov 11 - 05:35 AM

The conversion of the UK's payments to the European Union usually affect EUR/GBP at the end of each month.
They are the subject of a great deal of speculation and often have a big impact.
At most, the UK has two months of payments left.
They might spark a rally.

There is good reason to worry about the pound, which has risen strongly just before the UK and EU split.
So traders are bullish at the time of an event widely expected to have negative implications.

Bets against the pound are a fifth of the bets held when the UK was expected to split in March 2019 and an eighth their peak of bearish betting ahead the October 2019 deadline.

Potential month-end EUR/GBP buying will be felt in stretched year-end liquidity hitting any traders betting on a rise.

A thick monthly Ichimoku cloud 0.8857-0.8169 and 21- and 55-month moving averages at 0.8816 and 0.8751 will provide strong support.

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Refinitiv IFR Research/Market Commentary


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