- Bookmakers put Remain at 70%
- Latest polls show Remain ahead
- GBPEUR and GBPUSD rates likely to rise
This morning the British people take to the polling stations to make their final decision over the direction of the UK. What’s clear at this stage is that investors are still confident that the UK will remain a member of the EU and the latest polls put Remain ahead.
Furthermore, the bookmakers had it right on the Scottish Referendum, and were marginally close with last year’s General Election. If they have the odds of a Brexit at 30% now, you can feel pretty confident in regards to the results tomorrow.
Now is a good time to sell the Euro and US Dollar
You should be considering the option of selling Euros or US Dollars today. GBPEUR rates remain in the 1.30’s, in the event the UK remain within the EU, GBPEUR rates could move to the mid to high 1.30’s.
Now the same could be said for the US Dollar, GBPUSD are trading at 1.47 and is slowly edging towards the 1.48. Yellen’s congress meeting yesterday added further concerns for the US economy, highlighting that US growth is much slower than originally anticipated, weakening hopes of an Interest rate hike this year. A vote to Remain could move GBPUSD exchange rats into the mid 1.50’s.
Sell before it is too late
With the above in mind, selling this side of the EU Referendum would be an option given the odds of a Brexit diminishing. Pound Sterling has been forecasted to strengthen significantly in the event of a Remain and I therefore urge anyone looking to buy Sterling, to do so sooner rather than later.