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Euro/British Pound (EUR/GBP) Exchange Rate
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The Euro initially fell during the trading session on Wednesday but has bounced slightly after extending below the 0.8450 level.
The Euro pulled back a bit against the British pound initially during the day on Friday but then turned around to form a bit of a hammer.
Bearish pressures are on the rise, as the EUR/GBP is challenging the bottom range of its resistance zone.
January will feature Brexit and usher in the transition period, which is officially ending on December 31st 2020.
The Euro has been absolutely pummeled against the British pound during most of the back half of 2019.
Following the landslide electoral victory by British Prime Minister Johnson, giving him an 80-seat majority in Parliament, the EUR/GBP spiked amid profit-taking in the British Pound.
The Euro has had a rough run against the British pound over the last several weeks, and as I write this, we are testing a major support level.
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.