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EUR/GBP tumbles below 0.8900 amid Brexit deal rumors

  • Pound soars after reports suggest a Brexit bill deal. 
  • EUR/GBP dropped more than a hundred pips from the highs in a few minutes. 

The pound rose across the board on the back of reports about a potential deal on the Brexit bill. Then Reuters mentioned that British officials did not recognize those negotiations. But the speculation is out there. The Financial Times published: “According to several diplomats familiar with the talks, the UK would assume EU liabilities worth up to €100bn although net payments, discharged over many decades, could fall to less than half that amount."

The EUR/GBP pair dropped from the highest level in two weeks at 0.8980 to 0.8864, the lowest since last Thursday. It remains near the lows holding now a strong bearish tone after the dramatic reversal that took place during the last hour. 

Volatility around Pound’s crosses is likely to remain high until it becomes clear that an agreement has been reached and what are the details. 

EUR/GBP Technical levels 

To the upside, resistance levels might now be seen at 0.8890 (Nov 24 low), 0.8915 (European session low) and 0.8965/70 (Nov 27 high). On the flip side, support could be located at 0.8840 (last week low), 0.8810 (Nov 10 low) and 0.8780 (Nov 7 low). 

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