EUR/GBP briefly dips below 0.8600, recovers afterwards. All eyes on the 2-day EU Summit kicking on Thursday. An extension of Article 50 looks likely in the next days. The buying pressure around the Sterling has briefly pushed EUR/GBP below the 0.8600 handle to clinch fresh 5-month lows earlier in the session. EUR/GBP hurt by GBP-buying, focused on Brexit The European cross has resumed the (sharp) downside on Wednesday, down in four sessions out of the last five ones and losing ground for the third week/month in a row so far. Auspicious headlines from the Brexit front have been supporting the impressive rally in the Sterling in past sessions, forcing the cross to recede further and break below the 78.6% Fibo retracement of the May-August rally (0.8667). Latest news has cited the possibility that UK PM B.Johnson could request an extension of the Article 50 to January 31 2020 as early as on Saturday if a deal is not secured before. In this regard, all the attention will be on the critical EU Summit on Thursday and Friday, where Brexit will be on top of the agenda. EUR/GBP key levels The cross is losing 0.12% at 0.8617 and a drop below 0.8597 (monthly low Oct.16) would expose 0.8488 (monthly low May 6) and then 0.8474 (2019 low Mar.12). On the other hand, the next resistance aligns at 0.8807 (61.8% Fibo of the May-August rally) followed by 0.8822 (200-day SMA) and finally 0.8906 (50% Fibo of the May-August rally). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY technical analysis: Near-term set-up favours bullish traders FX Street 4 years EUR/GBP briefly dips below 0.8600, recovers afterwards. All eyes on the 2-day EU Summit kicking on Thursday. An extension of Article 50 looks likely in the next days. The buying pressure around the Sterling has briefly pushed EUR/GBP below the 0.8600 handle to clinch fresh 5-month lows earlier in the session. EUR/GBP hurt by GBP-buying, focused on Brexit The European cross has resumed the (sharp) downside on Wednesday, down in four sessions out of the last five ones and losing ground for the third week/month in a row so far. Auspicious headlines from the Brexit front have been supporting the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
