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FxPro Forex Analysis: EURGBP


The EURGBP pair moved higher overnight as an agreement was reached during the EU summit on an Immigration Deal. The agreement showed European unity and sent the EUR higher but the content of the deal sees immigrants distributed around the countries willing to accept them. This may damage German Leader Merkel on the home front and so concerns over her position have diminishes but not disappeared. The move higher has faded somewhat from the high at 0.88885. Trend line resistance is planted at 0.88958 buffering the 0.89000 level. A break above this point can see a test of 0.89182 followed by the recent highs at 0.89675.

Support from the 0.88436 level gave price a platform to rise from this morning with the highs from recent days at 0.88364 adding strength. A break under this area can see 0.88000 tested with the 0.87917 level containing the 200 DMA, plus the 100 and 50 DMAs remain close below in a tight supportive bloc. Price has been trading through the area with buyers coming in under 0.87300 down to 0.87000. Breaks below these levels found buyers at 0.86671 and 0.86278.

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