EUR/GBP wobbling around 0.7800

EUR/GBP has come under swelling downside pressure on Monday, navigating the area of session lows around the 0.7800 mark.

EUR/GBP weaker on ‘Bremain’

The European cross shed over a cent since Friday’s tops above 0.7900 the figure following a pick-up in the momentum around the ‘Stay’ vote in the upcoming UK Referendum on June 23.

Latest results from several polls showed the ‘Remain’ option retaking the lead, sparking a wave of buying interest in the Sterling and in turn sustaining today’s broad-based recovery in the risk appetite trend.

EUR/GBP key levels

The cross is now losing 0.65% at 0.7802 and a breakdown of 0.7757 (low Jun.7) would open the door to 0.7733 (61.8% Fibo of 0.7570-0.7996) and then 0.7661 (78.6% Fibo of 0.7570-0.7996). On the flip side, the next resistance lines up at 0.7996 (high Jun.16) ahead of 0.8000 (psychological level) and then 0.8119 (2016 high Apr.7).