Another day and another opinion poll hits the beaten pound: TNS shows growing support for a Brexit: 47% to 40% for Bremain. This is a widening of the gap from their previous poll held on May 23rd that showed a too close to call result of 43% to 41%. It also tilted the FT’s Brexit Tracker from 47% / 45% to 47% / 44%.
This joins the closely watched ICM polls released yesterday, after which we said that the pound has further room to fall. Indeed, GBP/USD slipped down and settled at the 1.41 handle. Perhaps more dramatically, GBP/JPY reached new lows since 2013 and under the round level 150. 149.19 has been the low so far.
The next level of support awaits at 147.60, which was the stepping stone on the way up in September 2013. Below this line, it seems that the only cushion can be found at 140, a round level touched around 3 years ago, in May 2013.
On the topside, 151.80 is resistance followed by 154. After the Orlando Attack, we talked about the big potential for a fall in this pair: Brexit fears on one side and safe haven flows to the yen on the other. Is there more in store? At least one more poll awaits us this week: the ComRes one. In addition, the Federal Reserve meets soon to make its decision, and this affects all markets of course.
Brexit or Bremain? All the updates
Here is the chart.
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