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Sterling plunges on recent poll


Sterling plunged today

Sterling plunged today, losing more than 1% against the dollar and euro, after a new poll shows for the first time that Scotland will vote for independence on September 18th referendum. The ‘yes’ camp is ahead with 51% not counting the undecided which pushed the British pound to its biggest fall since July 2013. Gbp/usd gapped lower on today’s open from 1.6330 to 1.6180 and continues to look week while eur/gbp opened at 0.8000 from 0.7930. On another front the German trade balance came in stronger than expected (22.2B from 17.3B) but the euro’s reaction was minimal.
Technical Analysis
Resistance 2 1.3030 1.6270 0.8075 105.70 137.00 1.2095 0.9420
Resistance 1 1.2990 1.6180 0.8030 105.40 136.60 1.2075 0.9400
Market   1.2950 1.6140 0.8020 105.25 136.30 1.2065 0.9335
Support 1 1.2920 1.6100 0.8000 105.00 135.80 1.2045 0.9300
Support 2 1.2790 1.6000 0.7970 104.70 135.00 1.2000 0.9270

 Daily Chart:
The pair is gaining momentum but stalled just ahead of resistance at 0.8030. A break and close higher could open the way for further gains. 

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