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Long

EUR/GBP struggles at 0.79 after gap-up open, long break above

FX:EURGBP   Euro Fx/British Pound
244 0 10
Pound sold-off as latest 'Brexit' polls suggests rising possibilities of the UK voting to leave the EU on June 23 EU referendum.

EUR/GBP             saw a gap up open and extended upside to hit session highs a four-week high of 0.7905.

Pair was however rejected at highs, slips below 0.79 handle to currently trade around 0.7886 levels.

Momentum studies are bullish , RSI , Stochastics and MACD indicate upside.

0.7906 is stiff resistance which is 61.8% Fib retrace of 0.8117 ( Apr             7th high) to 0.7565 (May 25th low).

Break above finds next hurdles at 0.7927 (weekly 200 MA), 0.7947 ( double top May 4th and Apr             24th) and then 0.80 (78.6% Fib).

On the downside, pair remains well supported above 50-DMA 0.7845 and 50% Fib at 0.7840.

Go long on decisive break above 0.79, SL: 0.7840, TP: 0.7945/0.80
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