GBP/USD rallied during the Asian morning Thursday after the latest polls favored the UK remaining in the European Union. The pair emerged above the resistance (now turned into support) of 1.4770 (S1) and hit our next obstacle of 1.4840 (R1). On the 4-hour chart, the price structure suggests a short-term uptrend and as a result, a clear break above 1.4840 (R1) could open the way for the 1.4940 (R2) hurdle. However, today is the day Britons are called to decide on their nation’s future. So the forthcoming directional wave would depend on the outcome of today’s referendum. If British people choose to remain a member of the EU then, I would expect the pair to bounce higher and perhaps surpass the psychological mark of 1.5000 (R3). I see a possible resistance area the pair could stop at 1.5100, defined by the peak of the 16th of December. In case the UK chooses to divorce the EU, I would expect the pair to collapse and the magnitude of the reaction to be larger than in the case of staying. I believe that Cable will likely ignore several support levels and may choose to settle, at least temporarily, near the round figure of 1.4000, marked by the lows of the 6th of April and the 16th of June. Another possible area is defined by the low of the 29th of February, at 1.3830.
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