Beware of ICM Brexit poll rumours
Sterling Takes Another Hit on Brexit Fears
The pound continued to trade under bearish pressure as another wave of selling hit the markets on Tuesday, with the GBP/USD pair trading at daily lows around $1.4160, 0.70% weaker on the day.
Later in the session important sterling data are due, which might calm down traders a bit. The CPI in May is expected to tick higher, both on a yearly and monthly basis and this could be sterling positive.
The latest Brexit poll by YouGov showed another convincing majority in favor of leaving the European Union. Some 46% of those surveyed said they wanted to leave the union, according to YouGov, while only 39% said they would vote to remain.
"The release of another opinion poll putting the 'leave' camp in the lead yesterday showed that last week’s opinion poll showing a strong 'leave' lead was no rogue poll and this is continuing to keep markets on edge, though we are still above the April lows for the pound," Michael Hewson, chief market analyst at CMC Markets UK, said on Tuesday.
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Pound traders beware
There's rumours coming out that the delayed ICM poll shows a 5 point lead for the remains (see cable's pop).
There has still been no official news still and the details will be released by The Guardian, who commissioned the poll.
There might also be two polls under the same umbrella (phone and online) so it's unclear what exactly is coming.
It's a volatile time to be in GBP positions right now so the sidelines is probably the safest place to be at the moment.
Social media is great for getting the news fast but the downside is that it's a hotbed for chucking around rumours.
Take care