And today sterling seems to be "winning" that race

Both currencies are in a contest to see who is the worst performer today, and right now the pound is edging out the euro by just a tad bit.

It's been all about politics that is weighing on the two currencies on the day, not helped by technical selling against the greenback too.

The euro is being weighed down by the government planning in Italy and the selloff in Italian bonds, equities also haven't really helped with that regard.

Meanwhile, in the UK there is an added element of uncertainty with a possible snap general election coming into place as Brexit talks continue to hit a snag. The Tories are so far denying the possibility, but hey as long as stuff like this is doing the rounds in the media it's not going to help sentiment at the very least.

As fo EUR/GBP, the pair is a little higher on the day after holding on to support @ 0.8720 since last week and earlier today as well. The key support level for the pair will be the 61.8 retracement level @ 0.8693 but for now the race to the bottom appears to be favouring the sterling so EUR/GBP buyers can take some comfort that we're yet to test said key level.

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