Sterling lower in a quite Monday session

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Monday, May 30 2016

It is a bank holiday both in UK and USA today, so markets are being less volatile. However, sterling fell this morning and is currently being traded few points below 1.46 handle. With less than a month to go before the June 23 referendum on Britain’s future in the 23-counry EU, bookmakers slashed their odds on a “remain” vote.

Bookmaker odds on remaining in the EU were 1 to 7. The odds of a Brexit were 4 to 1. Adjusting for the bookmakers’ margins, the chance of Brexit is now close to 20 percent. In addition to the shift in bookmakers’ odds, a new poll showed the “remain” camp with a 13-point lead.

Sterling is currently being traded few points above 1.4590 level. Pair is likely to find support around 1.4550 handle and resistance above 1.4630 level.There will be no major data releases in the rest of the session.

More in this category: « Spanish CPI fell by 1.1% in May German CPI rose by 0.3% »

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