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EUR/GBP breaks above 0.9000 as Pound sinks

  • EUR/GBP surges pass 0.9000 on rumors PM May will pull out Brexit vote.
  • PM May to pull out the key Brexit vote from Parliament.

The EUR/GBP cross trades around 0.9010 at the time being, its highest in over a month, up for the day amid Pound's weakness. Cabinet members were called for an emergency meeting at Downing Street, said to discuss the Brexit vote that should take place in the Parliament, scheduled for this Tuesday. A spokesman for Mrs. May said that the vote would take place as planned but there are now multiple sources out suggesting that the Prime Ministers will pull it out. The Pound is down against all its major rivals, challenging yearly lows against USD. Over the past couple of weeks, speculation mounted that PM May's plan won't pass the Parliament.

The EUR/GBP has been struggling with its 200 DMA throughout the past week, with the shorter ones below the larger. Now the daily chart shows that it´s firmly advancing above all of its moving averages while technical indicators gain upward momentum within positive ground, supporting additional gains ahead. October 12 daily high at 0.9032 comes as immediate resistance, followed by the 0.9050/60 price zone. Supports come at 0.9000, followed by the daily low, at 0.8957.

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