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EUR/GBP chart on Trading View used for analysis
- EUR/GBP bounced off lows on Tuesday's trade to close higher, maintains bullish momentum.
- The pair slipped lower as GBP garnered support on comments from Irish Deputy Prime Minister Simon Coveney, who said that there is potential for a new statement from the EU on the Irish backstop.
- Also, UK released some encouraging employment data on Tuesday. The number of people in work rose by 78K in the Sept quarter, while the unemployment rate held steady at 4.1%.
- Wages were up to 3.3% both including and excluding bonus, posting the fastest pace of wages grow since 2010.
- The uptick was short lived as Ireland's Coveney later clarified it's not going to change.
- Further, news that German Merkel rejected UK's May attempt to renegotiate the Brexit deal and renewed speculation that MPs have sent 48 letters for a non-confidence vote weighed on the Sterling.
- The pair is trading in a narrow range as tensions mounting ahead of Thursday's EU Brexit summit, as EU´s Tusk has made it clear that renegotiating the deal won't be on the table.
- Price action holds above 88.6% Fib and we see scope for break above 1.00. Next bull target lies at 0.9098 (Aug high) and further bullisness will see test of 0.9120 (major trendline resistance).
- Immediate support lies at 88.6% Fib at 0.9048. Break below 5-DMA at 0.90 could see further downside.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
