EUR/GBP hits fresh highs but retreats

EUR/GBP  gained momentum with the latest polls ahead of tomorrow’s referendum. The pair climbed above 0.7700 and printed a fresh daily high at 0.7717. But it pulled back toward 0.7700.

Just hours before the referendum where the Brits will vote if they want to remain or leave the European Union, EUR/GBP is about to post the first daily gain in a week. Today’s upside so far has been limited.

The fact that during the last five trading days the pair lost more than 300 pips from the highs could be pointing out that investors believe that the “remain” position will win. But the latest poll from TNS showed the ‘leave’ camp ahead with 43% against 41% for ‘remain’.

EUR/GBP levels

To the upside, resistance levels could be located at 0.7715/20 (daily high), followed by 0.7755 (May 23 & 24 high) and 0.7834. On the opposite direction, support might lie at 0.7650 (weekly low), 0.7590 (May 30 low) and 0.7560 (May low).