GBP/USD heavy, Brexit polls show lead for the 'Leave' camp

Dhwani Mehta FXStreet

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).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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