EUR/GBP bears held up by EUR/USD's rally on Bremain leading

EUR/GBP has been offered on the back of sterling on the rampage, fighting back with aggression on the back of the polls and Breamin in the lead as we start the week where the EU referendum has been scheduled for the 23rd and 24th in Asia. 

EUR/GBP has dropped from 0.7831 and met recent lows of 0.7768 with recoveries testing the 0.7800 level. The move has been less violent as seen through cable with EUR/USD also on the bid with a move of over 150 pips so far on the session to the upside, taking out the 50 dma at 1.1297 with a high of 1.1359. 

The latest polls favour the Bremain camp as follows:

Brexit: BMG phone poll has 'Remain' leading by over 7 points

YouGov: 43% Leave, 44% Stay, 9% Undecided

Opinium: 44% Leave, 44% Stay

Survation: 42% Leave, 45% Stay, 13% Undecided

EUR/GBP levels

EUR/GBP has found the  0.7998/78.6% retracement level a tough area once again. We have seen a low of 0.7768 so far, but it will need to go sub 0.7736 (26th April low) to alleviate upside pressure according to analysts at Commerzbank. "Meanwhile we remain unable to rule out a retest of nearby resistance lies at .7998/ the 78.6% retracement. This is the last defense for the 0.8116 April peak" A break of the 0.7654 (March low) opens up the 200 day ma at 0.7563.