EUR/GBP drops to 0.8630, down more than 150 pips

The pound is having the best day in months across the board boosted after UK PM Theresa May speech regarding Brexit. EUR/GBP that traded above 0.8800 just printed a fresh weekly low 0.8629. 

It was trading at 0.8635/40, down 1.80% for the day, having the worst performance in months. 

May presented a speech signaling that there will not be a partial exit of the UK from the European Union. She said that the Parliament will vote on the final deal. The pound changed the tone dramatically, after opening on Monday with sharp losses across the board. 

UK PM said that they will leave the single market in order to gain control over immigration and also to be out of the jurisdiction of the European Court of Justice.

Technical levels

Today’s EUR/GBP bottom at 0.8630 is the immediate support level to consider, followed by 0.8605 (Dec 30 high) and 0.8540 (Dec 23 high). On the opposite direction, resistance now might lie at 0.8695 (Jan 13 low), 0.8745 (Jan 12 high) and 0.8815/20 (daily high).