GBPUSD: What's The Chart Is Saying Amid Confusion Of "Brexit/Bremain" ?

GBPUSD: 1.4812 (CMP)

Sell around 1.49-1.51

TGT: 1.45-1.40*-1.35-1.30 (5-15 days & 3-6 months)

TSL> 1.5150 OR > 1.5250

Note: Consecutive closing (3 days) above 1.5250 for any reason, GBPUSD may further rally up to 1.56-1.62*-1.65 & 1.72 zone in the near to mid term (alternative bullish case scenario from the current trading level).

After the last week's tragic incident, though the "Remain" camp was getting some edge, the "leave" side is now apparently getting some traction after yesterday's Wembley TV debate.

Till few hours ago, various combinations & permutations of opinion poll still have "remain" camp leading by around 5%, after last night's two polls, which highlighted "leave" campaign leading by 1%. Rainy weather is another factor for the "soft minded" "remain" & "neutral/undecided" voters to go ahead out to cast their votes.

As of now various betting side also indicating almost 75% of implied probability of "Bremain". 

But, going by the price action, this higher probability of "Bremain" may be discounted to a large extent and except some whipsaw movement for about 6 hours after the favourable result, sellers may creep in after US opens.

Considering the risk/reward ratio, this may be again turned into another example of "Buy the rumour and sell the news".

Among all these "Brexit" drama, UK has fulfilled its objective to devalue its currency (GBP) without any "helicopter money". Its a great idea of another form of "QQE". 

UK has very good set of economic data over the last few months and despite that GBP depreciated to a great extent for this "Brexit drama". Now, even after "Bremain", Carney will not it to appreciate too much and may cut rate for an equilibrium rate in the interest of UK. 

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