EURGBP trading 0.26% lower at 0.8722 making fresh five-month lows on renewed optimism that point to a Brexit deal. EU’s Michel Barnier said that negotiations are currently intense and it is still possible to reach a Brexit deal this week. The Brexit developments boost Pound across the board.
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EURGBP Support and Resistance
EURGBP negative short term momentum gains traction after the pair breached below the critical 200-day moving average. On the downside, first support stands at 0.8689 the daily low and then 0.8623 the low from May 12th. Investors holding short positions might sit comfortably as long as the pair trades below 0.88. On the upside immediate resistance stands at 0.8749 the daily high and then at 0.8825 the 200-day moving average, while a break above will open the way for a move up to 0.8974 the 100-day moving average. For those looking to buy the pair, an entry point can be when the pair breaks convincingly above the 0.8825 resistance.