FxWirePro: EUR/GBP rangebound, focus on UK court decision on Brexit
EUR/GBP trades a narrow range, with day's high at 0.8599 and low at 0.8581. The pair has slipped below and hovers close to major trendline support at 0.86. Markets await United Kingdom's supreme court decision on Brexit …
EUR/GBP trades a narrow range, with day's high at 0.8599 and low at 0.8581.
The pair has slipped below and hovers close to major trendline support at 0.86.
Markets await United Kingdom's supreme court decision on Brexit due at 0930GMT today.
UK's Supreme Court is due to announce a ruling regarding the government's ability to bypass parliament and initiate the Brexit by triggering Article 50.
The decision is expected to have a major impact on the GBP markets.
Markets expect the lawmakers will refuse hard Brexit and ask PM May to adopt a soft Brexit.
Break below 50-DMA at 0.8523 could see drag till 200-DMA support at 0.8396.
On the flipside, breakout above major trendline at 0.86 could see 0.87 and then 0.8760 levels.
Technically, we see major long-term trend intact as long as the pair holds 200-DMA at 0.8396.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 19.2138(Neutral), while Hourly GBP Spot Index was at 127.306 (Highly bullish) at 0610 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
