GBP/USD, EUR/USD: In any case (Brexit or not), Societe Generale favours selling after initial rallies

"The polls are changing in favour of the camp that wishes to remain within the EU.

We remain of the view that the GBP/USD will rebound towards 1.50 if the vote ends up in favour of the EU while we could fall to 1.30 if there is a Brexit (Britain exits the EU). The initial reaction may therefore be relatively symmetrical.

In the longer term, however, we would recommend selling at 1.50 and selling any rebound after a referendum result in favour of an exit from the EU.

The EUR/USD would fall to 1.06 in the event of a Brexit but would bounce up to 1.20 in the opposite scenario. As with the GBP/USD, we would recommend selling the EUR/USD around 1.20," says the SocGen bank.