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EUR/GBP chart on Trading View used for analysis
- EUR/GBP spikes past 0.90 handle to hit peaks at 0.9087 as UK PM May postponed the Parliamentary vote.
- The pair pared some of the gains to close at 0.9037, bias remains bullish.
- Ireland's Coveney opened the door to a new declaration on the backstop lending support to the pound. Further upbeat UK employment data buoyed GBP.
- That said, Brexit uncertainty to keep the pair supported. Price on track to close in the green for the 3rd straight week.
- Price action holds above 78.6% Fib and we see weakness on break below 5-DMA at 0.8962.
- Bulls target 0.9098 (Aug highs) and further bullishness will see test of 0.9120 (major trendline resistance)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
