According to a latest opinion poll published Tuesday, British Premier Theresa May's lead over the main opposition Labour Party has shrunk to 6.00% ahead of the June 8th elections. Sterling slid -0.20% to $1.2812, reversing back toward a three-week low of $1.2775 reached back on Friday. Euro bulls also went on the defensive after former Italian Prime Minister Matteo Renzi said it makes sense "from a European perspective" to hold the country’s next general election at the same time as Germany's scheduled September vote.
Apart from Italy, there are also growing rumours that Greece will default on its next bailout repayment unless creditors grant the beleaguered nation debt relief. EURUSD is slipping early Tuesday, with the pair last seen around 1.1130 and the completion of a bearish head and shoulders formation potentially spurring additional downward momentum.