GBP/USD - Brexit Aftermath
OK, so the UK voted to leave.
For the last week the Cable has risen from approx 1.4 to 1.5 with the markets anticipating a Remain vote. So, during the Ref. vote count the volatility increased and we hit below 1.34. which is only a 6c correction if you discredit the market moves over the previous 7 days.
Anyways, at the moment we have had a bounce back off of those all-time lows and hit resistance at 1.396. This morning the channel was bullish; hitting just under 50% fib level. However, this may suggest that the trend actually has lower, lows to hit and i believe we are now in a sidewards/downwards channel.
The principles of breakout apply. Only advice is watch the news and wait for all the big players to speak; Carney, Draghi, Yellen, Cameron, Osborne etc...
For the last week the Cable has risen from approx 1.4 to 1.5 with the markets anticipating a Remain vote. So, during the Ref. vote count the volatility increased and we hit below 1.34. which is only a 6c correction if you discredit the market moves over the previous 7 days.
Anyways, at the moment we have had a bounce back off of those all-time lows and hit resistance at 1.396. This morning the channel was bullish; hitting just under 50% fib level. However, this may suggest that the trend actually has lower, lows to hit and i believe we are now in a sidewards/downwards channel.
The principles of breakout apply. Only advice is watch the news and wait for all the big players to speak; Carney, Draghi, Yellen, Cameron, Osborne etc...
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