GBP/USD flirts with 1.4800, Brexit vote in focus

Having peaked near 1.4850 region earlier on the day, the GBP/USD pair eases slightly from half-yearly highs. However, Bremain sentiment continues to underpin the bids around the pound.

GBP/USD awaits EU referendum

Currently, GBP/USD now trades +0.62% higher at 1.4799, having failed to resist above 1.48 handle. The cable witnessed a volatile session a day before, and now remains heavily bid after the GBP bulls were bolstered by increasing favouritism towards Bremain, as revealed by the latest opinion poll results.

A bunch of final opinion polls pointed towards a potential Bremain scenario, with the YouGov poll putting the 'Remain' camp ahead 51% to 49%, and the ComRes telephone poll posting 48% support for Remain, versus 42% for Leave, and 11% undecided.

Markets now await the Britons to begin voting on the UK’s EU membership, with the polls opening 6GMT onwards, while the outcome is expected to be on the investors’ minds, triggering massive GBP moves.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4845 (six-month tops), above which 1.4875 (daily R1) would be tested. On the flip side, support is seen at 1.4758/50 (daily pivot/ psychological levels) below that at 1.4703 (5-DMA).