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You are here: Home / British Sterling / EU Referendum – Why you shouldn’t gamble on the results

EU Referendum – Why you shouldn’t gamble on the results

June 23, 2016 by Rob Lloyd

EU Referendum – Why you shouldn’t gamble on the results

UPDATE: 10:55AM

    • 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.

Filed Under: British Sterling

The information on this website is provided for information purposes only. It does not constitute advice to any person on any matter. Every reasonable effort is made to ensure that the information is accurate and complete but we assume no responsibility for and offer no warranty with regard to the same.

About Rob Lloyd

Robert brings with him a wealth of knowledge on what is impacting exchange rates, especially around the subject of the EU Referendum and the implications for Sterling and Euro exchange rates.

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