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FxWirePro: EUR/GBP spikes above 0.90 handle to hit 14-week high, GBP under pressure ahead of UK parliamentary vote

EUR/GBP chart on Trading View used for analysis 

  • EUR/GBP spikes above 0.90 handle to hit 14-week high at 0.9022.
     
  • GBP under pressure ahead of the crucial UK parliamentary vote.
     
  • The short-term fate of the Pound hangs on whether or not May can get a majority vote for her Brexit Deal tomorrow. 
     
  • Early polling suggests the odds are heavily stacked against the PM as a deeply divided parliament appears set on rejecting the deal in its current format.
     
  • Volatility to persist as Tuesday votes will be the primary driver of Sterling direction.
     
  • The pair is extending gains for the 3rd straight week, bias bullish, eyes upper BB at 0.9055 ahead of 0.9098 (Aug 28 high).

Support levels - 0.90 (78.6% Fib), 0.8937 (5-DMA), 0.8929 (61.8% Fib)

Resistance levels - 0.9048 (88.6% Fib), 0.9055 (Upper BB), 0.9098 (Aug 28 high)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-GBP-breaks-major-trendline-resistance-on-track-to-test-786-Fib-at-090-stay-long-1465842) has hit all targets.

Recommendation: Exit trade as volatility to remain high. 

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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