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EUR/GBP - Possible Cypher set up ahead of June referendum

FX_IDC:EURGBP   EURO / POUND STERLING
Brexit referendum is scheduled on June 23. There is every possibility that Brexit fears rise as we move closer to referendum date. In such a case, EUR/GBP             could rise owing to broad based GBP sell-off.

A Potential Cypher pattern on the daily chart shows the leg D could end at 0.80 levels. As long as the daily candle does not close below 0.7586, the pattern remains valid. Leg C has reached 1.21, but the candle hasn't closed below 1.44.

On the way higher 0.78 is likely to act as a strong resistance.

Further losses are likely if the daily candle sees a close below 0.7586, in which case area around 0.7350-0.74 stands exposed (due to head and shoulder breakout).
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