FxWirePro: EUR/GBP set to extend gains as possibility of negative interest rates and Brexit uncertainty weigh on pound
EUR/GBP chart - Trading View
EUR/GBP was trading 0.09% higher on the day at 0.8981 at around 10:30 GMT.
The pair was extending previous session's gains and technical studies support further upside.
Possibility of negative interest rates and uncertainty over Brexit trade negotiations keep the British pound under pressure.
Momentum studies are bullish and rising volatility to drive prices higher. After extending consolidation along daily cloud, the pair is set to resume upside.
Price action is currently testing 38.2% Fib at 0.8987. Gains upto 61.8% Fib at 0.9183 likely.
On the flipside, daily cloud offers strong support. Break below cloud base will see minor weakness. Bullish invalidation only below 110-EMA.