EUR/GBP chart on Trading View used for analysis
- EUR/GBP exxtends weakness for the 4th straight week, slumps to 1 and 1/2 year low.
- British pound buoyed following reports that the Northern Irish Democratic Unionist Party (DUP) decided to privately agree to support UK PM May’s ‘Plan B’ Brexit Deal.
- Bears strongly in control as EUR/GBP is trading well below its main Moving Averages.
- Technical studies are bearish. Scope for test of 38.2% Fib at 0.8398.
- Brexit reports will continue to underpin the sentiment around the major.
- Focus on UK BBA mortgage approvals and CBI realized sales data for further impetus.
Support levels - 0.8620 (Apr 2018 low), 0.8398 (38.2% Fib)
Resistance levels - 0.87, 0.8713 (5-DMA), 0.8862 (200-DMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
