EUR/GBP Breaks Above 0.7650 as Pound Tumbles

EUR/GBP Breaks Above 0.7650 as Pound Tumbles

31 May 2016, 18:24
Roberto Jacobs
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EUR/GBP Breaks Above 0.7650 as Pound Tumbles

The pound dropped across the board during the last two hours and extended losses amid new Brexit polls. EUR/GBP  rose from 0.7615, broke above 0.7645 and climbed to 0.7675, hitting a fresh 1-week high.

Price remains near the top of the day, holding a bullish intraday tone. To the upside, resistance levels might be located at 0.7705 (May 23 low), 0.7750 (May 23 & 24 high) and 0.7800 (psychological).

On the downside, the pound would gain momentum if the price drops back under 0.7630; below here support might be seen at 0.7610, 0.7590 (May 30 low) and 0.7565 (May low).


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Leave climbs

Last week, the pound was among the top performers in the currency market boosted by some polls showing a lead for the “remain” position ahead of the June 23 referendum in the United Kingdom. Today, polls from ICM created concern and fears. A new telephone survey showed the “leave” position above the “remain”, 45% to 42%; and an online poll favored the leave position 47% to 44%.


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