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EURGBP Higher After Another Failed Brexit Meeting

EURGBP
EURGBP

EURGBP was higher on Thursday after Boris Johnson’s dinner trip to Brussels provided little fruit. The Euro to GBP pair was up 0.75% at 0.9080 and the day ahead sees an ECB interest rate announcement.

The UK Prime Minister met with the EU Commission Chief Ursula Von Der Leyen for a dinner meeting but there was nothing new in the end. Von Der Leyen tweeted later:

“We understand each other’s positions. They remain far apart. The teams should immediately reconvene to try to resolve these issues. We will come to a decision by the end of the weekend.”

Today will be volatile as the ECB meets to announce its latest interest rate and monetary policy decision. The bank should hold rates steady and extend its emergency bond purchase program by 500 billion euros. The bank has been critical of the euro’s strength this year and we can’t rule out a surprise increase in the stimulus to weaken the single currency.  

EURGBP Technical Outlook

EURGBP was higher on Thursday at 0.987 with the resistance ahead at 0.9175. Support lies at 0.8870 and these levels will play a big part in the story after today’s ECB and the weekend Brexit talks. The Investing Cube team is currently available to help all levels of traders with the Forex Trading Course or one-to-one coaching

EURGBP Daily Chart