Thursday February 25, 2016 - 12:12:00 GMT
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Brexit Poll: What Do Traders Expect?
GBPUSD, which closed last week on a firm in what turned out to be a relief rally, sharply reversed direction this week as the forex market turned defensive. The catalyst was said to be London Mayor Boris Johnson joining the Brexit camp and a poll showing a near dead heat with 25% undecided. GBPUSD hit a 7 year low on Wednesday at 1.3878 before staging a modest recovery.
What I found curious is that UK stocks have not shown the same sense of concern. With four months to go until the referendum whether to stay in the EU the forex market was trading with a sense of panic while equities seemed to be in a wait and see mode. Perhaps it was just the uncertainty that spooked the forex side but something did not add up.
This got me thinking. This is a game changer event that will dominate trading for the next four months and what traders think about it might give a clue how to trade ahead of it.
As a result, I decided to conduct a sentiment poll among global traders asking:
Do you expect the June 23 Brexit referendum to result in the UK leaving or staying in the EU?
This poll is still going on and you can participate by clicking on the following link:
Brexit Poll: What Do Traders Expect?
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