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Cable breaks support after latest poll shows 'leave' side ahead but 1.41 holding

GBP/USD down more than 150 pips

The pound is in full retreat as the 'leave' side continues to surge in poll results.

An online poll from TNS showed the 'leave' faction up 47% to 40% with the remainder undecided.

The poll reporting was a mess. It first came through via a reporter's tweet but it was deleted moments later. Still, it did the rounds. Then Reuters reported the TNS poll showed 'leave' with a significant lead and then finally the poll was released.

It wasn't until the numbers were released that cable broke below 1.4108 but the 1.4100 level continues to hold.

Technically, there isn't much to support GBP once 1.41 gives way.

Selling could quickly take the pair to 1.40 or even the lows of the year.

For now, the bias is lower but it all comes down to what you believe on the vote. I expect British voters to lose their nerve but, even so, it's a matter of finding the right time and levels to buy GBP and I think that's lower from here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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