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Euro/British Pound (EUR/GBP) Exchange Rate
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Get the weekly Forex forecast for major currency pairs for the week of March 30, 2020 here.
Following the initial UK response to Covid-19, regarded as laid back, the government of Prime Minister Boris Johnson kicked into gear.
With the OPEC+ deal collapse adding to global economic issues on top of Covid-19, trade negotiations between the EU and the UK have taken a secondary role.
The Euro has rallied a bit against the British pound as of late, but quite frankly it does look as if it is going to run into some trouble in the area currently focused on.
While last week’s PMI data out of the Eurozone indicated a rebound, it came of depressed levels.
Uncertainty over Brexit and a Corbyn government is a distant memory, after Prime Minister Johnson delivered the best election result since 1986, less than two months ago.
European Union negotiator Michael Barnier announced on Thursday that it's time to start negotiating with the UK.
Brexit is five days away, but the UK will remain under EU rules until the end of the transition period.
Get the weekly Forex forecast for major currency pairs for the week of January 27, 2020 here.
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