EUR/GBP bounces off lows near the 200-day SMA at 0.8840

After testing fresh support in the 0.8840 region – where aligns the critical 200-day SMA – EUR/GBP manages to regain some attention and is now hoverin  |  17/09/2019 12:26
  • EUR/GBP met support near 0.8840.
  • The 200-day SMA at 0.8839 holds the downside so far.
  • UK Supreme Court debates the suspension of Parliament.

After testing fresh support in the 0.8840 region – where aligns the critical 200-day SMA – EUR/GBP manages to regain some attention and is now hovering around the 0.8880 zone.

EUR/GBP focused on UK politics

Following two daily pullbacks, the European cross is now attempting a rebound from the key area surrounding the 200-day SMA in response to some tepid recovery in the single currency and steady trade in the Sterling.

Back to the UK political scenario, the British Pound is closely following the developments from London’s Supreme Court, where the recent decision by PM Boris Johnson to suspend Parliament is being debated today.

In the docket, Economic Sentiment in both Germany and the broader Euroland managed to pick some traction in September, although they both remain well entrenched into the negative territory as per the latest ZEW survey.

Moving forward, UK inflation figures are due tomorrow while the Bank of England is expected to keep the monetary policy on hold at its meeting on Thursday

EUR/GBP key levels

The cross is gaining 0.35% at 0.8879 and a drop below 0.8848 (monthly low Sep.17) would expose 0.8839 (200-day SMA) and then 0.8605 (200-WEEK SMA). On the upside, the next hurdle lines up at 0.8941 (100-day SMA) followed by 0.9049 (55-day SMA) and then 0.9148 (monthly high Sep.3).

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