EUR/GBP Recovers Losses as Cable Sell-Off Gathers Steam
EUR/GBP
moved off lows to trade largely unchanged on the day 0.8040 levels as
cable sell-off gathered pace pushing the pair below 1.40 handle.
Brexit fears weigh over GBP
Sterling
is under pressure as the latest Brexit poll showed a narrowing gap
between ‘exit’ and ‘leave’ vote. Moreover, it is keeping the currency
pair under pressure despite uptick in the European equity markets and
strength in oil prices.
The cross breached 0.80 handle on Friday
for the first time since Oct 2014. With no major data due today, the
cross is at the mercy of the overall demand for GBP and sentiment in the
equity markets.
EUR/GBP Technical Levels
The
immediate hurdle is noted at 0.8065 (Sep 2014 high), above which the
cross could target 0.81 handle. On the other hand, a failure to sustain
above 0.80 levels would expose 0.7928 (Feb 24 high).
(Market News Provided by FXstreet)
