GBP/USD slips back in the red in Asia, challenging 1.42 handle to the downside as the bears took charge after the latest UK's EU referendum polls revealed that the 'Leave' campaign continues to lead the way.
GBP/USD witnesses bearish crossover
Currently, GBP/USD now drops -0.50% at fresh session lows struck at 1.4198, reversing a spike to 1.4271 seen in the opening trades. Having witnessed wild swings on either side in the overnight trades, the cable turned into the negative territory once again after the latest slew of Brexit polls showed that British voters continue to favour the ‘Leave’ campaign, as we remain less than 10 days away from the EU referendum.
Ivan Delgado, Chief Editor at FXStreet noted, “Earlier today, ICM published its latest findings, showing a 6 point lead for the 'Leave' camp, with 'Leave' scoring 53, while 'Remain' stood at 47%. Following ICM polls, ORB was next, revealing much tighter results, wiith 48% for 'Remain' and 49% for 'Leave'. Lastly, YouGov showed Leave 46%, Remain 39%.”
Moreover, persistent risk-off market profile also adds to the downbeat tone in the GBP/USD pair as markets give up higher-yielding assets in favour of safe-havens amid market unrest and panic. Next in focus for the major remains the UK CPI figures due later today ahead of the US retail sales report, while the Fed commences its two-day monetary policy meeting, with the outcome expected to be announced tomorrow along with the Statement of Economic Projections (SEP).
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4262/72 (5-DMA/ Daily high), above which 1.4300/10 (round number/ daily S1) would be tested. On the flip side, support is seen at 1.4148 (NY low) below that at 1.4116 (Multi-week low).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
US economy grows at an annual rate of 1.6% in Q1 – LIVE
The US' real GDP expanded at an annual rate of 1.6% in the first quarter, the US Bureau of Economic Analysis' first estimate showed on Thursday. This reading came in worse than the market expectation for a growth of 2.5%.
EUR/USD retreats to 1.0700 after US GDP data
EUR/USD came under modest bearish pressure and retreated to the 1.0700 area. Although the US data showed that the economy grew at a softer pace than expected in Q1, strong inflation-related details provided a boost to the USD.
GBP/USD extends recovery above 1.2500, awaits US GDP data
GBP/USD is catching a fresh bid wave, rising above 1.2500 in European trading on Thursday. The US Dollar resumes its corrective downside, as traders resort to repositioning ahead of the high-impact US advance GDP data for the first quarter.
Gold price edges higher amid weaker USD and softer risk tone, focus remains on US GDP
Gold price (XAU/USD) attracts some dip-buying in the vicinity of the $2,300 mark on Thursday and for now, seems to have snapped a three-day losing streak, though the upside potential seems limited.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.