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Stocks, Sterling Roiled as ‘Brexit’ Poll Unnerves

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Investors received a sharp reality check this week after a new poll on the upcoming referendum in the U.K. highlighted that the vote might just be closer than many people were thinking.

With just an hour left of the trading session to go on Tuesday, two polls from U.K. newspaper The Guardian and public opinion researcher ICM suggested voters were split 52 percent – 48 percent in favor of the country leaving the European Union, a so-called “Brexit”.

The FTSE 100 quickly sank to 6,190 points from a level if 6,259 points on Tuesday. The London benchmark was also 0.7 percent lower in mid-morning trade on Wednesday. The pound was worth around $1.465 but also pushed lower to $1.448 and extended those losses on Wednesday morning.

CNBC

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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