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FxWirePro: EUR/GBP trades a narrow range in the Asian session, downside holds above 78.6%Fib

  • Forecasting of post-referendum moves difficult. The Brexit Vote is too close to call.
     
  • The latest IG Survation Brexit poll shows that the margin between stay and remain camp narrowing with 44% supporting the 'Leave' camp while 45% willing to remain with the EU. 
     
  • According to the last poll by ORB for the Daily Telegraph, 53 percent of voters want to stay in the EU compared with 46 percent who are backing a Brexit. 
     
  • ECB’s Draghi warned overnight about the destabilizing effect of Brexit and expressed readiness to do more if required.
     
  • The single currency slumped overnight but offered tone around EUR ran out of steam in Asia.
     
  • EUR/GBP currently trading around 0.7671 after hitting lows of 0.7655, trades a tight range heading into the European open.
     
  • Downside holds above 78.6% Fibo level at 0.7556, weakness will be seen only on break below.
     
  • Techs are biased lower, downside looks vulnerable, decisive break below 78.6% Fib could see test of 200-DMA at 0.7565.
     
  • Nothing major from the European data docket with just Eurozone consumer confidence scheduled for release.
     
  • Market Data
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