GBP/USD clears 1.4700 handle after latest Brexit polls

Haresh Menghani FXStreet

Extending its strong bid tone, the GBP/USD pair has now climbed through 1.4700 handle to a fresh 3-week high level.

The pair gained further traction after the latest IG/Survation EU Referendum Poll showed 44% votes for 'Remain' camp and 38% favoring to 'Leave' the EU. Over the past couple of weeks, various 'Brexit' poll results have revealed increasing voter support for the 'Remain' camp, which has been the key supportive pillar of the recent bullish momentum for the British Pound.

The pair has once again is attempting a move beyond 1.4700 after a sharp up-surge beyond this handle during early May. However, it seems that the pair would now need a strong follow through buying interest to build on to its gains beyond 1.4700 handle.

Technical levels to watch

On a sustained move above 1.4700 level, the pair might be immediately aiming to retest early May highs resistance near 1.4770. Although, a strong bullish momentum would be required to conquer monthly highs resistance but if broken has the potential to trigger a sharp near-term up-move for the pair.

On the downside, bulls are likely to defend 1.4675-70 immediate support, below which the pair is likely to drift back towards 1.4615-10 strong horizontal support.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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