TenkoFX - Analytics


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    EUR/GBP: Sterling keeps going with euro in supply

    EUR/GBP bears are staying on top with sterling on the rampage with strength emanating from weekend polls that favour the remain camp. The tragedy that took place last week of the murder of Labour MP Jo Cox seems to have ignited a preference in the non deciders to Bremain. Sterling took off at the end of last week's business and in Asia overnight from the get-go and has not looked back since. Staring out of lows of 1.4011 and meeting today's resistance so far a touch through 1.4700. EUR/USD also rallied with risk on last week and overnight, but has failed to maintain upward momentum, stalling at 1.1380, back to 1.1305 and leaving the cross, EUR/GBP, in the hands of sterling bulls right down to 0.7699 from 0.7993 highs of last week. EUR/GBP levelsThe downside move has broken April lows of 0.7734 and now eyes 17th May lows of 0.7830. 0.7563 is where the 200 dma is located that aligns with May lows. On a break back to the upside, 0.7831 and just above where the 100 and 50 dma's converging as a key resistance on the upside. 

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