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Faraday: Uncertainty about UK's future in EU driving EURGBP higher

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The decision by leading British Conservative Boris Jonson to campaign for Britain to leave the EU in a June 23 referendum has ramped up uncertainty surrounding Sterling, says Thomas Light from Faraday.

British Prime Minister David Cameron called the vote after landing a deal with fellow EU leaders, which grants the UK special status within the EU including safeguards for the UK’s financial sector.

Analysing the EURGBP charts, Light says a bullish price gap has emerged which is significant as it signals the start of a new trend leg higher.

He is looking to buy and will place his stop below the bull flag at 0.7724 with initial profit target coming in at the top of the wedge 0.7896 and secondary targets at 0.7975.