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GBP/USD turns negative near 1.4500, Brexit concerns weigh Dhwani Mehta

12:00 23 May /2016 Forex

The GBP/USD pair is seen reversing gains and reverts towards 1.45 handle as concerns over Brexit returned to markets and weighed down on the British pound.

GBP/USD inches back towards 20-DMA at 1.4484

Currently, GBP/USD trades modestly flat at 1.4505, deflating from fresh session tops reached near the mid-point of 1.45 handle. A renewed bout of selling interest hit the cable as markets continue to contemplate on the possible impacts of a Brexit vote on the pound as well as on the UK’s economy. The EU referendum on Britain’s membership with the European Union (EU) is just a month away, scheduled on June 23.

The latest UK’s treasury report revealed that a Brexit could cause the pound index to fall 12-15%, while City AM’s latest FT-ICSA Bellwether survey showed a decline in business confidence among FTSE 350 companies in response to slower economic growth seen in the British economy.

Despite a lack of fresh economic data, the GBP/USD pair continues to be driven by the developments surrounding Brexit ahead of the US flash manufacturing PMI data due later in the NY session.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4538/44 (1h 100-SMA/ 5-DMA), above which 1.4600 (round number) would be tested. On the flip side, support is seen at 1.4477/75 (1h 200-SMA/ 10-DMA) below that at 1.4400 (May 18 Low).

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