EUR/GBP steady on the bid as both Johnson and Corbyn call for a general election
|- EUR/GBP: Based above a 61.8% Fibonacci retracement of the May-to-August advance at 0.8794.
- Jeremy Corbyn is returning the ball in Parliament and has said Boris Johnson should have resigned following the Supreme Court ruling.
EUR/GBP is currently trading at 0.8854, up by 0.44% at the time of writing having travelled up from a low of 0.8810 to a high of 0.8880 as Boris Johnson makes his statement to Parliament.
EUR/GBP popped on Wednesday despite the recent disappointments in the PMIs which drove the euro off a cliff as GBP takes a wallop as a hard-Brexit remain a possibility and volatility returns - UK politics is a mess and the market senses more delays, more disruptions and ongoing Brexit disarray likely to quash any brave attempts from Sterling bulls.
UK Parliament in session: Johnson and Corbyn go head to head
At the time of writing, the opposition leader, Jeremy Corbyn is returning the ball in Parliament and has said Boris Johnson should have resigned following the Supreme Court ruling. Boris, in his statement, offered to allow a no-confidence vote in the government which is otherwise looking to reach a deal on Brexit, but, at the same time, is prepared to leave with no-deal.
- Corbyn: I want a general election.
- Corbyn: Get an extension and let's have an election.
-
UK PM Johnson: Parliament must either stand aside or bring vote of no-confidence
-
UK PM Johnson: This parliament does not want Brexit to happen
In other recent news, European Central Bank (ECB) Executive Board Member Sabine Lautenschlager has announced her resignation from the ECB board on Wednesday.
EUR/GBP levels
From a technical basis, the cross has based above a 61.8% Fibonacci retracement of the May-to-August advance at 0.8794 and is en route for a test of the 0.8891 July low. analysts at Commerzbank noted that we have a 0.8971 channel resistance level above ahead of the 0.9016 September 9 high - "This guards the mid-July high and the 55-day moving average at 0.9035/52. Further resistance comes in at the 0.9149 current September high. Below 0.8786 (20th September low) lies the May 27 low at 0.8769."
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.