Sterling rebounding after Brexit chances fell

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Friday, Jun 17 2016

Sterling rebounded in the past 24 hours on expectations that the killing of a pro-EU British lawmaker may alter the balance of opinion in Britain's referendum on EU membership. Speculation was rife among traders after the murder of Jo Cox on Thursday that Prime Minister David Cameron might push back the vote due to take place on June 23.

There has been no such signal from Downing Street, but either way some traders think the murder will turn the tide of public opinion after a series of polls showed the "Leave" campaign moving ahead. Concerns Britain would send a shockwave through global financial markets and European politics by voting to leave the 28-country bloc have prompted a flood of money into traditional safe havens such as the yen and the Swiss franc.

Sterling is currently being traded few points above 1.4270 level. Pair is likely to find support around 1.42 handle and resistance above 1.43 level.

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