EUR/GBP downside wide targets coming into sites on Italian 'no vote' win

EUR/GBP is extending its monthly decline from 0.9229 2016 highs down to today's low so far as 0.8308 on the back of the Italian referendum results - the nos have it.

EUR/USD has broken the key yearly support level and has tested the 1.0500 level, failing to break lower than 1.0502 so far.

Italian referendum: PM Renzi concedes defeat, intends to resign

Renzi is speaking and concedes the defeat as the result was clear and turn out higher than anyone expected. Renzi said that he takes full responsibility for the defeat. He said he will offer resignation after referendum defeat and that he intends to resign and his government experience ends here. The Italian president now has the right to accept or reject his resignation tomorrow afternoon in Europe.

EUR/GBP levels

A breakdown of the 0.8300 level exposes the 0.8170 50% retracement on continued supply through 0.8200/50. 0.8000 and the 20 month sma at 0.7808 are the kext key levels on the wide while spot trade below the 200 dma at 0.8362 and remains in bearish territory below there and the 5th Sep lows of 0.8333.