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10 Nov 2017

EUR/GBP flirting with lows near 0.8830

  • Bid GBP forced the cross to tumble to 0.8830.
  • Positive Brexit talks lifted Sterling.
  • Upside so far capped near 0.8900.

The better tone around the British Pound relegated EUR/GBP to record fresh tops in the 0.8830 region, just to pick up some pace afterwards.

EUR/GBP weaker on GBP-buying

Constructive talks from UK’s Davis and EU’s Barnier earlier in the session gave much-needed oxygen to the Sterling, relegating at the same time the European cross to trade in the lower end of the range around 0.8830.

The recent up move has been on the back of the better momentum in the shared currency. However, and after two consecutive sessions with gains, the cross met fresh selling impetus in response to a pick up in the demand for GBP. Weekly gains, however, appear so far capped around the 0.8880 region, coincident with the 21-day sma.

In the data space, GBP has also derived support from better-than-expected results from UK’s industrial and manufacturing production as well as a narrower trade deficit during September.

EUR/GBP key levels

The cross is now losing 0.21% at 0.8837 facing the next support at 0.8821 (low Nov.9) followed by 0.8768 (200-day sma) and finally 0.8733 (low Nov.1). On the flip side, a break above 0.8874 (21-day sma) seconded by 0.8941 (high Nov.2) and then 0.8978 (high Oct.24).

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