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Brexit Briefing: UK Election Campaign Begins, EUR/GBP Support Critical

Brexit Briefing: UK Election Campaign Begins, EUR/GBP Support Critical

2019-11-06 09:00:00
Martin Essex, MSTA, Analyst
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GBP price, Brexit news and analysis:

  • The UK Prime Minister will confirm Wednesday that a General Election will be held on December 12.
  • The key for EUR/GBP traders is whether the pair will drop below 0.86, with any potential break likely to lead to further losses.

EUR/GBP traders watch support at 0.86

EUR/GBP continues to sit close to critical support at 0.86, with any break below that level likely to lead to further losses as traders remain firmly focused on Brexit.

This session, UK Prime Minister Boris Johnson will announce formally that a General Election will be held on December 12 – as has already been signaled unofficially. Parliament has been dissolved and campaigning will now be stepped up, with Johnson due to launch his Conservative Party’s election manifesto.

The outcome of the election is hard to predict. Johnson’s message will be that Brexit needs to be done, and the Conservatives are currently ahead of the main Opposition Labour Party in the opinion polls. Labour has promised to negotiate a new, softer deal with the European Union that is likely to include membership of the EU’s customs union. It has then promised to put the deal to the people in another referendum, giving the public the choice to accept Labour's deal or remain in the EU.

What this means for traders in GBP/USD and EUR/GBP is that a no-deal Brexit is now unlikely whichever party wins, and that is giving Sterling a lift.

EUR/GBP Price Chart, Daily Timeframe (August 7 – November 6, 2019)

Latest EUR/GBP price chart.

Chart by IG (You can click on it for a larger image)

As explained yesterday, the critical level for GBP/USD traders is strong resistance at 1.30, with any break likely to lead to further gains. The equivalent level for EUR/GBP is the 0.86 support level, with any break below it likely to lead to more losses.

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--- 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.

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