Pound below $1.69 as Scotland decides
The pound is trading at $1.6888. Sterling is under pressure on two fronts today with the comments from the Fed last night, and the Scottish referendum today. Last night, Janet Yellen suggested that interest rates could rise sooner-than-expected and this gave an extra kick to the dollar bull run.
Voting on an independent Scotland is already underway, and even though the latest polls are favouring a ‘No’ vote, traders are still hesitant to go long the pound. I suspect the pound will remain rangebound throughout the session.
The pound could edge towards the $1.6207 level as risk is on the downside, with $1.6353 acting as resistance.