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GBP/USD Soars to 2016 High on Supportive Brexit Polls

GBP/USD Soars to 2016 High on Supportive Brexit Polls

Daniel Dubrovsky, Contributing Senior Strategist


Talking Points

  • British Pound hits new 2016 high against the US Dollar
  • 2 “Brexit” opinion polls saw the Remain camp leading
  • Pound crosses likely to see volatility as voting begins

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The British Pound continued to face sharp volatility as more “Brexit” polls crossed the wires. The moves seen were a similar response to what happened when conflicting U.K. referendum surveys were released during Tuesday’s early Asia session. This time around, results were more supportive for the Sterling.

A Comres poll showed that 48 percent of respondents backed staying in the European Union versus 42 percent opting to exit. Meanwhile, a YouGov poll saw 51 percent of those questioned opting for the Remain campaign while 49 percent backed the Leave campaign.

In the aftermath of these surveys, the British Pound soared more than 0.9 percent to its highest level – as of this market alert – against the US Dollar since 2016 began. With the “Brexit” vote due to commence today, FX volatility is set to remain high. By 03:00 GMT this Friday, enough results should be revealed in order to establish a credible turnout figure.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.