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EUR/GBP clocks 10-day high on GBP selling

  • Pound offered on rising political uncertainty.
  • EUR/GBP rises to the ten-day high of 0.89 levels.
  • Descending 50-day MA is working as resistance.

EUR/GBP rose to 0.89 levels in Europe; the highest level since Nov. 3 on the back of broad based GBP selling.

Knives out for UK PM Theresa May

As per Sunday Times report, as many as 40 Conservative lawmakers have signed a letter, saying they have no confidence in May's leadership. The rebel MPs are now just 8 votes short of ousting PM May. Consequently, Pound bulls are running for cover.

Symmetrical triangle on the daily chart

An ascending trendline drawn from Nov. 1 low and Nov. 8 low and the descending trendline sloping downwards from Oct. 20 high and Nov, 3 high together represent a symmetrical triangle formation. As of writing, the pair is attempting an upside break of the symmetrical triangle pattern.

EUR/GBP Technical Levels

Currently, the pair is trading at 0.8885. A break above the 50-day MA of 0.8897 would open up upside towards 0.8945 (100-DMA) and 0.8957 (Oct. 26 high). On the other hand, a break below 0.8877 (Nov. 9 high) could yield a sell-off to 0.8844 (5-day MA) and (0.8837 (10-day MA).

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