News

EUR/GBP faces upside risks in the medium term – Danske Bank

Aila Mihr, Analyst at Danske Bank, sees the European cross picking up pace later in the year on Brexit conerns.

Key Quotes

“EUR/GBP dropped below 0.88 on Friday after the cross firstly broke below the 200-day moving average at 0.8841 and secondly declined again on comments in the media that the EU is ready to offer the UK a `super-charged’ free-trade deal”.

“Brexit optimism has improved and EUR/GBP has dropped nearly 1.5% since the Conservative Party Congress ended on 3 October, as Theresa May managed to leave the congress without any new troubles. Both momentum and the technical outlook – especially after the break below the 200-day moving average – point to further downside in the short term.

“However, we see only little chance that an agreement will be reached before November, suggesting that the latest Brexit optimism quickly could be reversed again”.

Articles You May Like

Crude Oil Price Reverses from Key Resistance: $50 in Store?
Forex Trading For Beginners: What Is A Pip With Austin Silver – SilverFX Show 248
GOING FOR A MILLION – CHWY IPO – Day Trading, Option Trading LIVE & Stock Market News
US Dollar Index technical analysis: DXY continues stabilizing near 96.74 and 200 DSMA
Results of Using the best forex trading strategy.

Leave a Reply

Your email address will not be published. Required fields are marked *