The British pound has had a wild session so far in Asia, jumping to as high as 1.5018 before falling sharply in recent trade.
It’s not quite chaotic trading, but close.
At the time of writing, the GBP/USD currently buys 1.4975, up 0.65% for the session.
It has now gained 7% in six sessions of trade.
The gain, as is the case with other risk assets in early Asian trade on Friday, comes courtesy of improved confidence that a so-called Brexit from the European Union is unlikely to occur.
There have been reports that hedge funds and large financial institutions commissioned private polling to track the result of the referendum. Shortly before the polls closed, there was a surge in the value of Sterling against the US dollar. However, it’s impossible to tell what drove this and the sharp moves suggest the market remains somewhat illiquid.
Here’s the GBP/USD hourly chart:
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