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Euro/British Pound (EUR/GBP) Exchange Rate
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A snag in the Brexit plans sent the Pound Sterling lower versus the greenback though most FX traders seem to be optimistic
Optimism about a Brexit deal by the end of this week’s EU summit, which will start tomorrow and conclude on Friday, have pushed the British Pound to a multi-month high.
A slowing Eurozone versus Brexit uncertainty is the fundamental driver behind the EUR/GBP.
Brexit is less than 30 days away and British Prime Minister Johnson issued an ultimatum to the EU; either it will be his proposed deal or no deal at all
The Euro has been falling rather precipitously against the British pound for several weeks, and of course there was more of the same during the month of September.
Yesterday’s UK Supreme Court decision which ruled Prime Minister Johnson’s prorogation of Parliament unlawful has take out bearish momentum in the EUR/GBP.
After the UK Parliament removed a no deal option from Brexit negotiations for the time being, the British Pound rallied sharply against the Euro which retraced the preceding rally.
As this currency pair is approaching its 61.8 Fibonacci Retracement Fan Support Level, bearish momentum started to decrease.
Trading in the Pound Sterling was relatively subdued with the GBP/USD and EUR/GBP pairs trading within recent ranges as FX traders watch the hotly contested challenge for the Prime Minister's seat.
With the resumption of Brexit talks between the opposing factions within the UK Parliament, the Pound Sterling was trading close to the $1.31 level.
Brexit talk has come back to the forefront of traders minds in recent weeks as UK politicians return from their summer recess and the pressure to reach an agreement with the EU for a new trade deal ramps up even further.
The Pound Sterling got a boost against the US Dollar
Theresa May, the UK's Prime Minister, downplayed the possible consequences of a “hard” Brexit withdrawal which pushed the Pound Sterling near to a 1-year trough versus the common currency Euro.
The latest fundamental data from Germany shows business morale improving finally this year.
The Pound Sterling edged higher in London trade, buoyed by unexpectedly upbeat data earlier this week and an overall weaker US Dollar.
By the end of the trading day, the Euro could record the first weekly gain in nearly seven weeks as concerns over a brewing political crisis in Italy seems finally to be fading.
Get the Weekly Forex Forecast for major pairs for the week of May 14, 2018.
The Pound Sterling was steady during London trading and remained close to a 4-month trough as FX traders prepare themselves for the Bank of England’s monetary policy decision due to be released shortly.
The British Pound was trading close to a 4-month trough as FX traders await a policy decision from the Bank of England tomorrow.
The Pound Sterling edged lower ahead of this week’s policy meeting of the Bank of England.