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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
Currency Pair   EUR/USD GBP/USD EUR/GBP USD/JPY EUR/JPY EUR/CHF AUD/USD
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:
EURGBP
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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