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Sterling slightly higher a day ahead of referendum

Wednesday, Jun 22 2016
Focus in the UK remains in Brexit referendum with just one day ahead of it. The Sterling was tentatively higher on the last day of campaigning before Britain’s referendum on EU membership with the British Pound trading just off its highest level of the year after a swing in polls towards “remain” earlier this week. Recent opinion polls have mostly shown a shift towards keeping Britain in the European Union, but there are some signs that momentum has stalled for the “In’ camp and to some, the race still looks too close to call.
Some banks are not in the market today, or they are just in for commercial orders, ahead of the vote, so the GBP/USD is likely to remain range bound most of the session. Although the odds seem to favor “Remain”, it’s still 50/50, and no one wants to be caught on the wrong side of the news. While the Brexit vote continues to dominate traders’ minds, testimony by U.S. Federal Reserve Chief Janet Yellen could provide some support if she continues to play down the chances of a rise in U.S. interest rates in July.
 
Sterling is currently being traded few points above 1.4670 level. Pair is likely to find support around 1.46 handle and resistance above 1.4780 level.
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