EUR/GBP: buy the sell-off? Investors are concerned over the pound . . .

Currently, EUR/GBP is trading at 0.8703, down -0.23% on the day, having posted a daily high at 0.8758 and low at 0.8684.

UK politics has taken centre stage, what's in store for Sterling? - Nomura

"The gap between EUR/USD and any European/US interest rate differential remains worrying large and along with positioning data and options pricing that imply the market is collectively long and bullish of the euro here, argues for wariness," explained Kit Juckes, an economist at Societe Generale. The Dollar is above 97 again today in the DXY and US 10-years are higher, up around 1%. The euro is weaker, -0.32% while GBP is off a touch -0.04% in the middle of today's range between 1.2830-1.2916 so far.

The pound, however, staged a good rally o/n after modest UK mfg PMI. GBP/USD made a break towards previous highs, falling just short of 1.2920. With the euro under pressure, the cross collapsed from 08754 to 0.8683. Risks continue to mount for the pound, however, with latest polls narrowing and Paddy Power halving the UK hung parliament odds to 7/2 in this past week.

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EUR/GBP levels

"For now we will assume while above the 200 day and 55 day ma at 0.8600/546 an upside bias remains to test the 0.8790 March high and potential to the 0.8852 January high," argued analysts at Commerzbank. "With no strong bias we will exit our short positions on dips for now. Where are we wrong? Below the 55 day ma will target the 18th May low, which guards the 0.8383 May low and failure here will retarget key support at 0.8334/04."