In view of the formal Brexit and recent economic readings, the situation on the EUR/GBP pair is starting to look very interesting. Until recently, it seemed that the exchange rate would try to attack the resistance again in the region of 0.8580, but the price is turning south, setting another lower high.
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Recently, as the market has been somewhat digested Prime Minister Johnson’s harsh rhetoric in the face of negotiations on a new trade agreement with the EU, the pound has been positively influenced by a series of surprisingly strong PMI readings. Both industry, services and construction readings have been well above expectations. At the same time, data from the Eurozone were at most average. So in the chart we still have a downward trend.
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