- EUR/GBP is currently trading at the lows of the day at 0.8486 from a high of 0.8550.
- Technically, attention is on the 0.8471 recent low and below there, the 200 week ma is at 0.8397.
While Theresa May is still trying to drum up support for her deal, EUR/GBP awaits the parliamentary votes today whereby MPs have been debating over eight proposals on the future of Brexit ahead of votes later on a way forward.
MPs took control of the House from the government yesterday in a bid to find a majority for the next steps in the Brexit process and they are trying to decide as to whether to leave the EU without a deal or to form a customs union along with a confirmatory referendum. John Bercow announced the eight proposals he had chosen for votes and also reiterated that the PM’s deal could not come back for a vote if it had not significantly changed.
EUR/GBP levels
Analysts at Commerzbank explained that EUR/GBP has seen complete rejection from the 55 day ma at .8690:
“This leaves the attention on the .8471 recent low and there is a risk of a slide to the 200 week ma at .8397. Initial resistance lies at .8722 (22nd February high) and.8839 (200 day ma). While capped here, a negative bias remains. Where are we wrong? The market is expected to struggle on rallies to the 200 day ma at .8839, and only above here allows for a move to the October .8941 high, which is expected to contain the topside.”
Share
