EURGBP Rallies as Markets Await Brexit

The EURGBP trading pair is in for a very volatile ride in the coming trading sessions as both currencies gradually weaken. The FX market continues to receive mixed sentiments over whether which currency will come out triumphant.

The looming German recession is currently the heaviest weight on the euro. Meanwhile, pound sterling traders are losing their confidence as the Brexit date slowly approaches.

In today’s trading, the euro got the upper hand against the pound. The EURGBP trading pair went up by 0.39%, or 0.0035 points, in sessions.

The EURGBP pair currently trades at £0.9081 compared to its previous close of £0.9046. The trading pair also extended its rally from £0.9026 to £0.9082 in today’s trading sessions.

The pound sterling weakened this Monday as traders prepare for a clash between the government and policymakers. Just last week, BPM Boris Johnson advised the Queen to suspend the parliament; news that caused distress to the nation.

EUR and GBP Vs. Safe-Haven Currencies

Other pairs of the euros and pound sterling took advantage of their weakness in Monday’s trading. The EURUSD trading pair went down by 0.19%, or 0.0021 points, in sessions. The pair currently trades at $1.0968 compared against its last close of $1.0989.

The greenback also took advantage of the pound sterling as the GBPUSD trading pair lost 0.70%, or 0.0085 points, in today’s trading. The GBPUSD pair presently exchanges for $1.2071, lower than its previous close of $1.2156.

Another safe-haven asset also gained grounds against the two European currencies. The GBPJYP trading pair lost 0.56%, or 0.72 points, in sessions.

The Japanese yen won held against the pound sterling as it currently trades for ¥128.41 compared to its last close of ¥129.13.

The euros also edged lower against the yen as the EURJPY trading pair moved down by 0.12%, or 0.14 points, in sessions. The pair presently exchanges for ¥116.67 against its last close of ¥119.83.