Today is the “Brexit” Referendum’s day and the polls will be open from 07:00 until 22:00 local time (BST) and the British citizens will decide about their membership to the European Union; a huge market-mover event where the traders will be keeping an eye to decide what’s the best to trade during the rest of the week. Latest polls are showing a mixed sentiment: Opinium says that the “Leave” is slightly favorite with 45% against 44% of “Remain”, while YouGov, an online poll, notes the 48% chances to win for “Remain” versus 42%. It’s expected that after 07:00 BST of Friday, the world will know the final result of Referendum.
The technical picture for GBP/USD at daily chart is showing a neutral stance ahead this event. However, during last days, bulls are getting favored by the recent polls’ results. Cable possibly will move above the 1.5048 level if UK decides to “Remain” in the EU, while a “Leave” decision can push lower the pair below the strong support of 1.3840 level. 200 SMA is currently trying to offer dynamic resistance, but the overall sentiment around Referendum is stronger than the technical indicators at this stage.
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