The Pound Sterling earlier today touched a 7-week peak versus the US Dollar as new polls show the “stay” campaign pulling slightly ahead in the upcoming Brexit decision. That decision will take place when the polls open this Thursday in Britain. Appetite for safe havens has also declined to some extent as sentiment improves for the Pound. The latest opinion polls show two in favor of staying and one in favor of leaving though the margins in the last were nominal. Currency strategists believe that though there has been some upside momentum for the “stay” camp, the outcome is really too close to call; that is why many traders say that they’ll sit this one out until the conclusion of voting.
As reported at 10:53 am (BST) in London, the GBP/USD was trading higher at $1.4761, up 0.58% while the EUR/GBP was lower at 0.7682 Pence, down 0.34%. The GBP/JPY was up 1.02% to trade at 154.1034 Yen.
George Soros Foresees Sterling Dive with Leave Vote
According to mega hedge fund investor George Soros, who earned some of his billions in 1992 by betting against Sterling, a leave vote could be exceptionally disruptive. According to him, the Pound could experience a minimum 15% decline, worse than the infamous “Black Wednesday.” He foresees the GBP/USD falling to a low of $1.15 with a “leave” vote.