- The pound regains some of the ground lost on Thursday.
- EUR / GBP consolidates the bounce from 0.8850.
The EUR / GBP is declining modestly on Friday, a rebound in the pound after Thursday’s slide. The cross fell to 0.8966 during the European session and then rebounded but could not exceed 0.8985. In Asian hours it tried unsuccessfully to exceed Thursday’s highs of 0.9005.
The pound had a downward correction on Thursday, underpinned by declines in stocks and the lack of resolution of the Brexit deal. While expectations remain positive that an agreement will be reached, delays persist.
Negative weekly closing but not so much
The EUR / GBP is on track to end the week negative and with the lowest in this season since late August. But it is doing so far from the lows that were reached at the 0.8850 area. This is a technical aspect that indicates that the moment of the pound has weakened significantly.
It will be key next week how far the EUR / GBP can bounce. In case of doing it above 0.9060 / 70, then the bearish bias would be negated.
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