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EUR/GBP Downtrend May Reverse if No-Deal Brexit Risks Spike

EUR/GBP Downtrend May Reverse if No-Deal Brexit Risks Spike

2019-09-06 02:00:00
Dimitri Zabelin, Junior Currency Analyst
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EUR/GBP, Brexit – TALKING POINTS

  • EURGBP downtrend may reverse in coming week
  • Brexit-related volatility may undermine chart set up
  • Pair is now edging closer to critical July support level

Learn how to use political-risk analysis in your trading strategy!

Since reaching its three-year peak on August 8, EUR/GBP has declined almost five percent. Along the way down, the pair broke through several critical support channels and layers, leaving EUR/GBP now exposed to a critical floor at 0.8924.

EURGBP – Daily Chart

Chart showing EURGBP

EUR/GBP chart created using TradingView

A break below key support with follow-through could prompt an aggressive selloff as traders lose faith in the pair’s upside potential – at least for now. Conversely, a recovery from the floor could stave off a rapid decline with traders eyeing the next level of resistance at 0.9039.

EUR/GBP – Daily Chart

Chart showing EURGBP

EUR/GBP chart created using TradingView

However, these technical set ups could be in danger of being derailed by sporadic Brexit-related developments that have been a key catalyst behind GBP’s price action. Therefore, traders may hesitate to add exposure or enter positions until more clarity is given to the entangled political debacle we call Brexit.

EUR/GBP TRADING RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

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

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