GBP/USD Breaks Below 1.4500 as Brexit Fears Resurface

GBP/USD Breaks Below 1.4500 as Brexit Fears Resurface

31 May 2016, 19:37
Roberto Jacobs
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GBP/USD Breaks Below 1.4500 as Brexit Fears Resurface

GBP/USD extended losses and broke below the 1.45 mark in recent dealings as Brexit fears resurfaced following polls showing that the “leave” vote is ahead in the EU referendum.

Ahead of the June 23 referendum on EU membership, a telephone poll from ICM/Guardian showed the 'leave' vote at 45% compared to 42% to 'remain' in the EU, while an online poll from the same firm showed 47% to leave and 44% to remain.

GBP/USD has lost more than 150 pips over the last hours since the poll results were published, sliding through the 20-day SMA to its lowest level in a week at 1.4488 so far. At time of writing, the pair is trading at 1.4490, recording a 1.02% loss on Tuesday.

GBP/USD levels to watch

In terms of technical levels, GBP/USD could find next supports at 1.4472 (May 24 low), 1.4441 (May 23 low) and 1.4396 (50-day SMA). On the flip side, resistances are seen at 1.4723 (May 31 high), 1.4762/68 (200-day SMA/May 3 high) and 1.4815 (Jan 4 high).


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