EUR/GBP unphased by latest polls, capped around 0.87 handle

Currently, EUR/GBP is trading at 0.8701, up 0.06% on the day, having posted a daily high at 0.8707 and low at 0.8656.

• UK Election: Tory lead over Labour has shrunk once more to eight points - Press Association

EUR/GBP has done the hard work against the pound this week so far on polls alone and the latest set of polls showing a lead from the conservatives shrinking yet again.  According to a recent tweet sent out by Press Assıciation, Theresa May's Conservatives' lead over Labour shrunk to 8 points (44% vs. 36%). 

While both parties endeavour to commit to the Brexit negotiations, the polls are showing that perhaps many do not back her vision and what she has pushed for so far in terms of Brexit. This offers further instability and keeps the pond on the backfoot in terms of uncertainties. the euro can garner strength on anything pro-EU in the Brexit negotiations.

EUR/GBP wider levels

On the wide, last week's low at 0.8524 guards, the 0.8383 May low and failure here will retarget key support at .8334/04 to the downside according to analysts at Commerzbank. "If slipped through, the .8252 the July 2016 low would be in focus. Where are we wrong? Above .8751 will introduce scope to the .8790 March high and potential to the .8852 January high."

• EUR/GBP's recovery back towards 0.87 handle