GBP/USD fades a knee-jerk spike to 1.4885

The GBP/USD pair finally ended its consolidation phase seen over the last few hours, and jumped beyond 1.48 handle amid aggressive USD selling across the board.

GBP/USD extends a break beyond 1.48 handle

Currently, GBP/USD now jumps +0.88% to 1.4840, quickly retreating from fresh six-month highs scored at 1.4886 last minutes. A fresh selling-wave knocked-off the greenback against its most major peers, thus, sending the cable nearly 100-pips higher amid a renewed bout of risk-on wave  that sent the European stocks through the roof ahead of the EU referendum outcome due tomorrow.

However, the GBP/USD pair quickly retreated more than half the rally, although trades well above 1.48 handle as markets now await the exit polls, with Bremain almost priced-in by markets. Meanwhile, traders also look forward to the US economic releases due later in the NA session, which may provide fresh impetus to the USD bulls.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4886 (six-month tops), above which 1.4961 (daily R2) would be tested. On the flip side, support is seen at 1.4800 (resistance-turned support) below that at 1.4731 (daily low).