EUR/GBP flirting with highs near 0.8700, focus on Brexit
|- The cross adds to Wednesday’s gains near the 0.8700 handle.
- UK officials practically ruled out a deal next week.
- House of Commons will debate Brexit motion on February 27.
The offered bias around the Sterling is helping EUR/GBP to advance to the area of daily highs in the 0.8700 neighbourhood.
EUR/GBP looks to Brexit
The European cross is up for the second session in a row today on the back of quite a volatile performance around the British Pound, always gyrating around the Brexit negotiations.
Speaking about the devil, the House of Commons will discuss a Brexit motion next week (February 27), although UK officials have already commented that a deal in the next days appears unlikely.
In Euroland, the single currency stays under pressure following poor prints from the manufacturing sector in both Germany and the euro area, where advanced PMIs are expected to submerge further into the contraction territory in February.
EUR/GBP key levels
The cross is gaining 0.06% at 0.8691 and a breakout of 0.8739 (21-day SMA) would aim for 0.8744 (10-day SMA) and finally 0.8840 (high Feb.14). On the flip side, the next support aligns at 0.8666 (low Feb.21) seconded by 0.8655 (low Nov.13 2018) and then 0.8616 (2019 low Jan.25).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.