The GBP/USD pair is getting more expensive after the updated results of the brexit polls.
One more week and the brexit topic will be forgotten. The Referendum in the United Kingdom, where the British people will decide whether to stay in the European Union or exit will take place this Thursday, June 23rd
. The market sentiments are changing over and over again: a week earlier, the Pound was weakening, because the number of people, who wanted to exit the EU, was bigger. Now, the balance tips to those, who want to stay.
The current quote for the GBP/USD pair is 1.4643. The latest local high reached on May 26th
is at 1.4738, and the previous one, reached on May 3rd
, is at 1.4770.
Today’s statistics from Rightmove showed that housing prices in the United Kingdom in May increased by 0.8% m/m against 0.4% the month before. On a year-on-year basis, over the same period the indicator added 5.5%, which is much less than 7.8% in April. For some time, one can hear the market talk about the real estate market “bubble” in Britain. The statistics published today indicates not many particular reasons for adverse discussions, the same as earlier.
However, right now the statistics is not essential for investors: “frenzy” in the GBP/USD pair and other GBP instruments is going to continue as long as the brexit topic isn’t over.
The British Pound might as well move towards May’s highs until Thursday, but after the referendum results are published – preliminary or final, doesn’t matter – the instrument is expected to start a correction.
RoboForex Analytical Department
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