GBP/USD drops sharply to 1.4740 as UK polls get underway

The GBP/USD pair ran through fresh offers and fell sharply below the mid-point of 1.47 handle on the back of a renewed risk-aversion wave as UK polling stations open up for the Brexit vote.

GBP/USD extends below 1.48 handle

Currently, GBP/USD now trades +0.40% higher at 1.4768, bouncing-off a brief dip to 1.4743 lows. The cable gave up nearly 60-pips in a complete knee-jerk reaction to the commencement of the much-awaited EU referendum, with uncertainty over the fate of Britain back on the investors’ minds.

Markets are expected to remain on the edge as the polling gets underway, with the GBP bulls to remain on the back foot as the outcome is likely to trigger extreme moves and massive volatility. Meanwhile, the UK polls will shut at 2100GMT.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4845 (six-month tops), above which 1.4875 (daily R1) would be tested. On the flip side, support is seen at 1.4743 (daily low) below that at 1.4703 (5-DMA).