News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • The Euro looks poised to continue gaining ground against haven-associated currencies and may reverse higher against the British Pound in the near term. Get your #Euro market update from @DanielGMoss here:https://t.co/oRIHju7ZzK https://t.co/dIEErVzWEY
  • Gold and silver prices have come under significant pressure recently. However, this correction lower could prove short-lived as price analysis hints at a reversal higher. Get your $XAUUSD market update from @DanielGMoss here:https://t.co/K1qL0fsGwy https://t.co/tRfjlN6X22
  • The S&P 500, Dow Jones and crude oil prices have recently made critical advances to the upside. Is retail positioning supporting the case for further upside momentum?https://t.co/rfA2TsBctB https://t.co/SNoOEVLXvA
  • An improving economic backdrop is bolstering crude oil prices and in turn, the Canadian Dollar. Still, the risk-sensitive Australian Dollar continues to move higher. Get your market update from @FxWestwater here:https://t.co/NJ683bZKpe https://t.co/zt3bYddjZ6
  • Gold Price Forecast: Dovish FOMC Could Underpin Bullion Ahead of NFP - https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/11/27/Gold-Price-Forecast-Dovish-FOMC-Could-Underpin-Bullion-Ahead-of-NFP.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr #Gold #XAUUSD $GOLD $GLD https://t.co/N9ChZOqSdy
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.42% 🇦🇺AUD: 0.35% 🇳🇿NZD: 0.30% 🇨🇦CAD: 0.20% 🇯🇵JPY: 0.16% 🇬🇧GBP: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4uyJxc09OH
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.48% Gold: -1.28% Silver: -2.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pbfmvnsvuu
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.65%, while traders in France 40 are at opposite extremes with 78.02%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NL3bVphnYH
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.64% Germany 30: 0.04% US 500: 0.00% Wall Street: 0.00% France 40: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/uZ1HjcIJ4q
  • GBP/USD continues to fail around the 1.3400 level and is unlikely to make a confirmed break higher ahead of any trade talk confirmation. Get your $GBPUSD technical analysis from @nickcawley1 here:https://t.co/EWLFXK1q3q https://t.co/4XSSNxobMo
EURGBP Heads for 0.90 Level as Brexit Concerns Resurface

EURGBP Heads for 0.90 Level as Brexit Concerns Resurface

2018-03-07 11:34:00
Martin Essex, MSTA, Analyst
Share:

EURGBP talking points:

- As Brexit negotiations continue between the EU and the UK, the two sides seem as far apart as ever.

- With EURGBP already at its highest level since November 28 last year, further gains seem likely near term.

Learn how to trade like an expert by reading our guide to the Traits of Successful Traders

Check out the top trading opportunities for 2018 on the DailyFX Trading Guides page

EURGBP heading for 0.90 level near-term

The Pound has come under more pressure against the Euro, with EURGBP reaching its highest level since November 28, 2017, and the cross looks set to reach the psychologically important 0.90 mark near-term as Brexit concerns continue to weigh on the UK currency.

While European Council President Donald Tusk and UK Chancellor of the Exchequer Philip Hammond argue about the future EU-UK relationship after Brexit and whether UK financial institutions will still have access to Europe, EURGBP is currently testing resistance on the daily chart from a trendline joining the October 12 and November 15 highs.

Meanwhile, it is well supported by a second trendline joining this year’s lows.

EURGBP Price Chart, Daily Timeframe (September 17, 2017 – March 7, 2018)

Updated EURGBP price chart showing euro rising against pound

Chart by IG

If the current upward trend in EURGBP continues, the October/November highs at 0.9014 and 0.9033 will be the first targets although they will provide stiff resistance and the cross could well fall back again if they are reached.

In the meantime, GBP is suffering more broadly from a move into safe havens such as gold, the Japanese Yen, the Swiss Franc and US Treasuries as concerns mount about a trade war following the resignation of US President Donald Trump’s economic adviser Gary Cohn, seen as an opponent of protectionism.

The current strength of the Euro-Zone economy was also highlighted Wednesday, with confirmation that it grew by 0.6% in the final quarter of last year compared with 0.4% growth in the UK. The gap between the EU and the UK was highlighted too by draft EU guidelines for ties with the UK after Brexit that will likely be unacceptable to the UK.

RESOURCES TO HELP YOU TRADE THE MARKETS

Whether you are a new or an experienced trader, we have manyresources available to help you:IG client sentiment data, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve your trading performance, and one specifically for those who are new to forex.

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES