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Pound can anticipate losses due to Brexit concerns

Tuesday, Mar 29 2016
There were no data releases from the UK today, with Pound going lower after yesterday's rebound. The polls for the Brexit vote point to an ever-closer race between the stay and go sides. Several economists and financial institutions have expressed concerns that a goodbye to the EU would hit U.K. economic growth and significantly weaken the pound.
Action in the options markets shows “that anxiety toward Brexit is rising,” and investors are seeking protection, Marc Chandler, global head of currency strategy at Brown Brothers Harriman said in a Wednesday note. “It warns that sterling’s upside correction seen this month through the end of last week is over. New losses should be anticipated.”
 
Sterling is currently being traded few points above 1.4220 level. Pair is likely to find support around 1.4150 handle and resistance above 1.4280 level. Later today, in the US session, CB Consumer Confidence figures are scheduled for a release.
More in this category: « M3 Money Supply unchanged in February CB Consumer Confidence increased to 96.2 »

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