EURGBP – Selling Off Ahead of Brexit & Inside Bar At Support (daily chart)
In late May, when the Brexit camp started to gain real momentum and the lead vs. the Remain camp, the EURGBP started to climb. This was a likely combination of a) GBPUSD losing ground, but also b) traders hedging against a brexit by being long EURGBP.
This is because while Europe would lose out in a Brexit vote, the UK/GBP would do worse, which means the EURGBP would climb. This played out with the pair gaining almost 500 pips in the last three weeks.
A pin bar and massive selling emerged just before 8000 when the Remain camp gained heavily after the tragic death of the …... Keep reading