The 54:46 YouGov prediction from earlier today looks very likely to come true and the GBP has begun to settle down after a 150 pip run higher against most of the other majors. Will it be a case of ‘buy the rumour sell the fact’?

Cable has butted its nose against 1.6520 on at least 3 occasions and failed each time, so aggressive bears can consider selling with stops above there. GBP/JPY has been a very big mover indeed but we really cannot be sure at this stage where the flows are coming from. If its a case of investors who’d been waiting on the sidelines for the uncertainty to pass, then we may indeed see more topside. I’m staying on the fence for now.