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23 Oct 2019

EUR/GBP falters ahead of 0.8670, Brexit remains in centre stage

  • The rebound in EUR/GBP loses traction near 0.8670.
  • EU-27 officials expected to debate on deadline extension today.
  • Ireland supports a delay to end-January 2020. DUP favours an election.

The better tone in the Greenback in combination with renewed Brexit jitters is putting EUR/GBP under pressure in the 0.8630 region on Wednesday.

EUR/GBP stays focused on Brexit, ECB data

The European cross is looking to add to recent gains although it struggles to abandon the area of 5-month lows in the lower-0.8600s. Earlier in the day, the upside momentum in the cross met a tough barrier in the vicinity of 0.8670, where coincide a Fibo retracement of the May-August rally.

Meanwhile in Brexit-land, UK PM B.Johnson is expected to push for general elections (likely before Christmas) if the EU finally grants a 3-month extension to the October deadline (to January 31 2020).

Regarding the latter, Ireland’s L.Varadkar said earlier in the day that he favours a delay to end of January, while DUP’s Wilson leans towards a call for snap elections.

Calendar-wise, the next significant event will be the ECB meeting on Thursday and the publication of advanced PMIs in core Euroland for the current month.

EUR/GBP key levels

The cross is losing 0.10% at 0.8633 and a drop below 0.8574 (monthly low Oct.17) would expose 0.8488 (monthly low May 6) and then 0.8474 (2019 low Mar.12). On the other hand, the next up barrier emerges at 0.8667 (78.6% Fibo of the May-August rally) followed by 0.8814 (200-day SMA) and finally 0.8906 (50% Fibo of the May-August rally).

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