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Sterling Rises Before The Scottish Referendum Tomorrow

by on September 17, 2014 7:21 pm BST
 

sterling inched up to $1.6295, a day ahead of the Scottish referendum and staying well above a 10-month low of $1.6051 struck last week. It has bounced from those lows after most polls showed those intending to vote to stay in the union were slightly ahead. Nevertheless, the vote was too close to call, leading to a jump in overnight implied volatility, a gauge of how sharp currency swings will be, to 18.6 percent.

The pound rose 0.2 percent to $1.6311 and reached $1.6358, the highest since Sept. 4. It appreciated 0.3 percent to 79.42 pence per euro.

Both sides of the Scottish independence campaign are preparing to make their final appeals to voters. Three polls last night showed the anti-independence Better Together campaign leading the “yes” group by 52 percent to 48 percent, excluding undecided voters.

GBPJPY Pivot Levels Pivot Woodie Fibonacci
Resistance 3 176.32 176.5 175.4
Resistance 2 175.4 175.49 174.83
Resistance 1 174.84 175.02 174.48
Pivot 173.91 174 173.91
Support 1 173.35 173.53 173.34
Support 2 172.42 172.51 172.99
Support 3 171.86 172.04 172.42

GBPCHF Pivot Levels Pivot Woodie Fibonacci
Resistance 3 1.5301 1.5311 1.5244
Resistance 2 1.5244 1.5249 1.5208
Resistance 1 1.5207 1.5217 1.5186
Pivot 1.515 1.5155 1.515
Support 1 1.5113 1.5123 1.5114
Support 2 1.5056 1.5061 1.5092
Support 3 1.502 1.503 1.5056