EUR/GBP meets further downside pressure near 0.9100. EUR-weakness keeps weighing on the cross today. PM B.Johnson meets France’s E.Macron. The selling bias around the single currency is now picking up pace and dragging EUR/GBP to fresh lows in the vicinity of the 0.9100 handle. EUR/GBP in fresh 2-day lows The cross is fading Wednesday’s gains and has re-shifted its focus to the key support at 0.9100 the figure on the back of a renewed and quite sharp sell off in EUR. In fact, the shared currency has quickly reversed the initial optimism after preliminary PMIs in core Euroland are now seen higher for the month of August, somewhat reversing the multi-month downtrend. On the Brexit front, Chancellor Angela Merkel said an alternative to the Irish backstop is ‘possible within 30 days’ at her meeting with PM Boris Johnson, adding that such an option should come from the UK side. Further out, PM B.Johnson is now meeting French President E.Macron, who emphasized that the backstop is indispensable. In the UK docket, the CBI Distributive Trades Survey plummeted to -49 for the current month, coming in below forecasts, of course. What to look for around GBP The Sterling is suffering the lack of progress around the Brexit talks while the removal of the ‘Irish backstop’ has now become the conditio sine qua non for any resumption of EU-UK negotiations. On another direction, the BoE kept the monetary conditions unchanged at its last meeting, although it refuses to factor in a ‘no deal’ scenario in its projections for the time being. The BoE still sees a ‘soft Brexit’ outcome and reiterated that rates are seen increasing gradually in order to bring inflation to the bank’s target. EUR/GBP key levels The cross is losing 0.32% at 0.9110 and a drop below 0.9088 (low Jul.31would expose 0.9029 (55-day SMA) and then 0.8891 (monthly low Jul.25). On the upside, the next barrier lines up at 0.9190 (10-day SMA) followed by 0.9324 (2019 high Aug.12) and then 0.9411 (monthly high Oct. 2009). 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 ECB July 25 meeting account: Likely that slowdown more protracted than earlier thought FX Street 4 years EUR/GBP meets further downside pressure near 0.9100. EUR-weakness keeps weighing on the cross today. PM B.Johnson meets France's E.Macron. The selling bias around the single currency is now picking up pace and dragging EUR/GBP to fresh lows in the vicinity of the 0.9100 handle. EUR/GBP in fresh 2-day lows The cross is fading Wednesday's gains and has re-shifted its focus to the key support at 0.9100 the figure on the back of a renewed and quite sharp sell off in EUR. In fact, the shared currency has quickly reversed the initial optimism after preliminary PMIs in core Euroland are now… 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.
