EUR/GBP moves further north of the 0.89 handle. The irish backstop is back to the fore. Johnson’s plan for alternative backstop rejected by EU. The selling bias around the Sterling is now helping EUR/GBP to pick up extra pace today and advance further north of 0.89 the figure. EUR/GBP looks to Brexit, UK politics The European cross is up for the second session in a row on Wednesday following the renewed weak note surrounding the British Pound. Indeed, GBP debilitated further today after PM B.Johnson’s alternative plan to the Irish backstop was deem as ‘unacceptable’ by EU officials (as widely expected). In fact, PM B.Johnson has clinched a secret deal with Northern Ireland’s Democratic Unionist Party (DUP) in order to put forward another Brexit plan. Johnson’s idea of two borders in Ireland for 4 years was not welcomed by EU officials, pouring some cold water over expectations of a breakthrough in the negotiations. In the meantime, all the attention will be on the speech by Johnson at the Tory Party conference in Manchester later in the day. What to look for around GBP The recent decision by the UK Supreme Court to declare unlawful the suspension of Parliament by PM B.Johnson reinforced the UK democratic system and brought in some fresh oxygen to the political front. However, it helped just a little – if anything at all – when comes to the Brexit process. Indeed, the latest alternative plan to the current Irish backstop put forward by PM Johnson is unlikely to get any serious attention from EU negotiatiors, leaving the door open for extra uncertainty around the issue. The next key political event will be today’s speech by the PM at the Tory Party conference. Away from politics and back to the BoE, the recent comments from (former hawk) M.Sunders regarding the likelihood of a rate cut if the UK economic outlook worsens gave extra excuses to GBP-sellers to regain the upper hand towards the end of last week. His comments carry the potential to spark a division in the central bank’s ranks, as the ‘Old Lady’ remains reluctant to factor in a probable ‘hard Brexit’ into its projections for the time being. EUR/GBP key levels The cross is up 0.43% at 0.8920 and faces the next hurdle at 0.8936 (monthly high Oct.1) seconded by 0.8968 (100-day SMA) and then 0.9004 (38.2% Fibo of the May-August rally). On the downside, a drop below 0.8785 (monthly low Sep.20) would expose 0.8667 (78.6% Fibo of the May-August rally) and finally 0.8488 (monthly low May 6). 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 likely to consolidate in a 107/109 range – TD Securities FX Street 3 years EUR/GBP moves further north of the 0.89 handle. The irish backstop is back to the fore. Johnson's plan for alternative backstop rejected by EU. The selling bias around the Sterling is now helping EUR/GBP to pick up extra pace today and advance further north of 0.89 the figure. EUR/GBP looks to Brexit, UK politics The European cross is up for the second session in a row on Wednesday following the renewed weak note surrounding the British Pound. Indeed, GBP debilitated further today after PM B.Johnson's alternative plan to the Irish backstop was deem as 'unacceptable' by EU officials (as widely… 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.