EUR/GBP Waits On Brexit

A quick look at the monthly charts for British pound ahead of tomorrow’s Brexit vote, and in particular the EUR/GBP which unlike other sterling pairs has been range bound since mid-2016 rotating around the volume of control in the 0.8740 region. And what is also interesting to note is the dramatic volume increase in 2017 which failed to follow through on the price action.

The upper ceiling of resistance is now firmly in place at 0.9225 and an extended move to the downside would need to see a breach of the relatively minor support at 0.8333.

And in many ways, we could say the monthly chart for this pair neatly encapsulates the current impasse between the UK and Europe, at least until the 29th March deadline.

(Click on image to enlarge)

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