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Long

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

FX:EURGBP   Euro Fx/British Pound
240 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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