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EUR/GBP jumps in Asia after Lonon Mayor joined Brexit campaign

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Traders punished in the pound in early trade, sending the EUR/GBP to 0.78 handle after Influential London Mayor Boris Johnson joined 'Brexit' campaign.

    Eyes Brexit drama and EU PMI

    Sterling remains at the mercy of the news flow on Brexit drama. London Mayor shall now urge British voters to leave the European Union when the country holds a June referendum on the issue. Justice Minister Michael Gove, political ally of Cameron, has also come out in favor of severing ties with the EU.

    Meanwhile, the preliminary PMI readings are due across the Eurozone and may influence EUR. Oil price movements and its impact on the broader market sentiment could have a say in determining exchange rate as well.

    EUR/GBP Technical Levels

    The pair currently trades at 0.7777. The immediate support is seen at 0.7771 (200-DMA), under which the cross could drop to 0.7762 (50-DMA). On the other hand, a break above 0.78 could see the pair rally to 0.7845 (Feb 17 high).
    For more information, read our latest forex news.

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