Search ForexCrunch

   “¢   Brexit uncertainties continue to dent sentiment surrounding the British Pound.
   “¢   The shared currency recovers a part of dovish ECB-led slide and remains supportive.

The EUR/GBP cross quickly reversed an early European session slide to an intraday low level of 0.8640 and rallied nearly 30-pips in the last hour.

The cross built on last week’s goodish bounce from closer to over nine-month lows, retested in wake of a dovish ECB monetary policy update, and continued gaining positive traction for the second consecutive session on Monday amid the prolonged uncertainty over the UK exit from the European Union.

The latest leg of a slide in the Sterling followed a news report that the UK PM Theresa May’s Brexit game plan could change course yet again. According to Tom Newton Dunn – The Sun’s political editor, May will likely decide to change tomorrow’s vote from a meaningful one to a provisional one.

The move to put forward a provisional vote of a revised Brexit deal – one with changes needed for the backstop, was on hopes to get parliament support, which would enable May to concede European leaders to offer the needed concessions at the EU summit on 21-22 March.

It, however, remains to be seen if the cross is able to capitalize on the positive move or meets with some fresh supply at higher levels amid absent relevant market moving economic releases – either from the Euro-zone or the UK, and a host of incoming Brexit headlines.

Technical levels to watch

EUR/GBP

Overview:
       Today Last Price:  0.8671
       Today Daily change:  39  pips
       Today Daily change %:  0.45%
       Today Daily Open:  0.8632
Trends:
       Daily SMA20:  0.8668
       Daily SMA50:  0.8773
       Daily SMA100:  0.8832
       Daily SMA200:  0.8855
Levels:
       Previous Daily High:  0.8656
       Previous Daily Low:  0.8547
       Previous Weekly High:  0.8656
       Previous Weekly Low:  0.8536
       Previous Monthly High:  0.8842
       Previous Monthly Low:  0.8529
       Daily Fibonacci 38.2%:  0.8614
       Daily Fibonacci 61.8%:  0.8589
       Daily Pivot Point S1:  0.8567
       Daily Pivot Point S2:  0.8503
       Daily Pivot Point S3:  0.8458
       Daily Pivot Point R1:  0.8676
       Daily Pivot Point R2:  0.872
       Daily Pivot Point R3:  0.8785