The GBP/USD pair s still falling; bears are very energetic and not going to stop.
On Wednesday, the British Pound is falling against the US Dollar. Of course, the situation doesn’t look like yesterday’s sales, but bears are still rather strong. The current quote for the pair is 1.4450.
Yesterday, the UK published a newly calculated number of those, who want the country to stay in the European Union – 51%. It is more than earlier, and more than the half of the country. The closer the referendum date is, which is in about three weeks, the more this topic will influenced the fluctuations in the GBP/USD pair. The UK people are afraid of possible financial problems, which may give the United Kingdom a hard time in case the country exits the EU. This is exactly the fact referenced by the politicians, who are against the country’s exiting the EU. The fact is the most striking and frightening.
Financial problems are quite possible. The most difficult part is that it’s impossible to predict what might happen, because there was no such case in the history of the United Kingdom. Everything is rather fine on paper, but in real life, it might be rough and scary.
The British people tend to choose “leave everything as it is” option, and they have every right to do this. Cameron promised to hold the referendum in order to settle a question once and for all, and he will. Everything else is voters’ call.
The situation being what it is, the British statistics is out of market players’ eyes today. The PMI in May increased up to 50.1 points against the predicted number of 49.6 points. Consumer crediting in April was less than expected, the number of approved mortgage loan applications as well. These indicators are not the most essential for the Pound, but the market would surely win back this information if the Brexit weren’t such a “hot” topic.
RoboForex Analytical Department
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