2020-10-08 • Updated
Brexit goes hard. Boris Johnson’s position is “if the UK sees no possibility to make a deal with you by October 15, we will quite talks”. The EU’s position is “Ok, quit”. Both sides seem adamant to stick to their red lines and not cede an inch of the negotiation table. Or, better said, not a single fish to the counterparty. However, unofficial sources report to Bloomberg say this these rigid stances may be just an overture to accord or at least a progressive step forward to continue the discussion into the second part of October. Next week will show whether that may be true. In the meantime, EUR/GBP is waiting for input.
Since the last week of September, EUR/GBP trades between two ranges: 0.9060-0.9070 as the support range, and 0.9140-0.9150 as the resistance range. After an upward march within this channel since October 2, the pair bounce down from the resistance to slump the middle of the channel – again. Therefore, in the short-term, look at 0.9080 as the closest target for bears.
On a larger timeframe, EURGBP is going down since the beginning of September. If it goes through the support range of 0.9060 – 0.9070 without consolidating at these levels, it will likely drop to the psychological 0.9000. So far, that’s just a faraway scenario but it is a possibility to keep in mind.
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