EUR/GBP better offered: awaiting Supreme Court

Currently, EUR/GBP is trading at 0.8613, down -0.46% on the day, having posted a daily high at 0.8666 and low at 0.8594.

EUR/GBP remains on the offer as sterling picks up a bid at the start of this week with Trump now at the helm and talking about trade tariffs already. On Friday, UK PM May will meet with Trump and prepare for Brexit together seen as a positive for sterling. 

"The pound is still deriving support from UK PM May’s key note speech last week which has helped to ease “hard” Brexit fears at least in the near-term," explained analysts at Bank of Tokyo Mitsubishi, adding, "The additional certainty provided by PM May’s Brexit plan and positive message for a more global Britain have been welcomed by the market."

Market awaits Supreme Court

The analysts at Bank of Tokyo Mitsubishi went on to explain how the pound is supported on expectations of this week's verdict:

"The market is also anticipating the verdict from the Supreme Court in the UK tomorrow which could offer some further modest support for the pound. The Supreme Court is expected to rule that parliament should have a say in triggering Article 50. The market would welcome greater parliamentary involvement in the process viewing it as reducing the risk of a more disorderly Brexit. The wording of the ruling with regards to parliamentary involvement will prove important. A defeat for the government could increase the risk that the triggering of Article 50 is a little delayed, although it will not stop Brexit. We expect a majority in parliament to honour the referendum result and vote in favour of triggering Article 50. "

EUR/GBP levels

Spot is presently trading at 0.8613, and next resistance can be seen at 0.8620 (Daily 20 SMA), 0.8630 (Yesterday's Low), 0.8631 (Daily Classic S1), 0.8633 (Hourly 20 EMA) and 0.8635 (Weekly Low). Support below can be found at 0.8608 (Daily Classic S2), 0.8594 (Daily Low), 0.8586 (Daily Classic S3), 0.8558 (Weekly Classic S1) and 0.8503 (Monthly Low).

UK Supreme Court Decision: Anti-Climactic? - BBH