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EURGBP Outlook: Move Lower Stalls for Now Despite Brexit News

EURGBP Outlook: Move Lower Stalls for Now Despite Brexit News

2018-11-22 16:20:00
Nick Cawley, Strategist
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Euro, GBP and Brexit Talking Points:

  • Positive Brexit sentiment weighing on EURGBP
  • 200-day ma support and no trend breakout.

The DailyFX Q4 EUR and GBP Forecasts are available to download.

EURGBP Slipping on Mildly Positive Brexit News

Reports earlier today that the UK and the EU are closer to agreeing a draft agreement sent EURGBP lower and back to levels seen one-week ago. UK PM Theresa May said that a deal is ‘within our grasp’ and that the deal is ‘the right deal for the UK’. One small step forward but the response to the PM’s announcement remains negative and it still seems very unlikely that the bill will pass through the House of Commons, leaving PM May’s handling of the negotiations, and her position, under renewed criticism. As we move towards the end of the week, talks are ongoing ahead of this Sunday’s meeting of EU leaders in Brussels.

Brexit Latest: GBP Rises as EU-UK Agree Future Ties, However Hurdles Remain.

Today’s break lower is currently being held up by support from the 200-day moving average, currently at 0.8837, with further support from a cluster of the 20-day, 50-day averages and 61.8% Fibonacci retracement level between 0.87959 and 0.88196.

DailyFX analyst Daniel Dubrovsky latest take on EURGBP – Upside Breakout Struggling, May Fail

EURGBP Daily Price Chart (April – November 22, 2018)

EURGBP Outlook: Move Lower Stalls for Now Despite Brexit News

IG Client Sentiment Datashow that retail investors are 31.3% net-long EURGBP, a bullish contrarian trading bias. And coupled with recent daily and weekly positional changes, this gives us a stronger bullish contrarian bias.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on EURGBP – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

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