Economic data coming this week are overshadowed by a gaining Brexit campaign. Research firm ICM’s latest survey showed the Team ‘Leave’ six points ahead, shaking the strength of the GBP which has been experiencing volatility in recent months.
GBP/USD took a tumble in early session but has been playing teeter totter with each other. USD is on a volatile ride as well with the upcoming FOMC meeting on Wednesday. Thursday will see the Bank of England announce its interest rate decision that may help push the sterling to bullish territory.
The pair is trading at a wide range between 1.3839 and 1.5931 on the daily charts.
Traders are closely watching public opinion on the Brexit. Little impact is expected from the CPI and PPI today as well as from the unemployment rate on Wednesday.
The first support is at 1.3839 and 1.3724. The first resistance is at 1.4232 and 1.4300. The MACD indicator is in negative position. The spot exchange is 1.4130 and continues to slide.