With the Brexit uncertainty once again beginning to haunt the GBP this morning, it may well be worth taking a chance with a long of EUR/GBP             .

Daily chart shows a perfect pick up opportunity on the 78.6 Fibonacci level at 8723, the market low on 10th October 2018.

Previous support levels now plot a predictable band of resistance around the 8850/8865 area. However, the market remains firm so far today, retracing it’s gains from Friday after a dip around the 8807 area which has held well this morning.

Other EUR studies are also beginning to show double bottoms, which may reinforce the probability that the Euro             may come in for some modest recovery over the coming months.

A pullback to the 200 day Simple Moving Average at 8833 may still be possible today, which could represent a buying opportunity. With an absence of any major GBP data this week, it may be worth observing price’s behaviour first if it dips below and trigger a long position on the way back up.

Longs can target 8896 (old support) or 9018 which is a 78.6 retracement of the decline from 90985 to the previously mentioned low of 8723.