- The pound skyrockets as Brexit will formally restart.
- EUR / GBP falls one hundred pips on Wednesday, approaching monthly lows.
The EUR/GBP It fell further in the last few hours after Bloomberg’s report that Brexit negotiations were scheduled to restart, with the goal of reaching a deal by mid-November. The pair fell to 0.9016, reaching the lowest level since October 15. It stays close to lows under pressure.
The pound jumped across the board after the report, spreading daily gains. The report mentioned that a decision could come in the next few hours, with negotiators set to resume talks to find a deal before November 13.
The EUR / GBP decline is the most significant in months. The area above 0.9000 so far limited the decline. A break below 0.9000 could open the doors for further losses. The next support could be seen at 0.8965, followed by 0.8935.
On Tuesday, the EUR / GBP offered some bullish signals by breaking above the 20-day moving average which sits at 0.9085. Price is returning lower with momentum now favoring the downside.
Credits: Forex Street
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