GBP/USD struggles to hold above 1.4800, Brexit vote underway

GBP/USD has pulled back from brand new 2016 highs at the beginning of the New York session as all eyes remain on the UK referendum underway.

The pound strengthened sharply and climbed to its highest level since Dec 18 after latest polls suggested the Bremain vote lead. GBP/USD peaked at 1.4945 but failed to extend gains and retreated instead. It was last trading at 1.4815, still up 1.29% on the day.

UK referendum first results are expected around 00:00 GMT but a reasonably clear picture of the should be from around 04:00 GMT on Friday.

GBP/USD technical levels

In terms of technical levels, immediate resistances are seen at 1.4945 (2016 high, Jan 23), 1.5000/07 (psychological level/Dec 17 high) and 1.5097 (Dec 16 high). On the other hand, supports could be found at 1.4680 (200-day SMA), 1.4641 (Jun 22 low), 1.4615 (Jun 21 low) and 1.4473 (50-day SMA).