As the Brexit referendum results come in the pound has had the expected wild ride 24 June 2016
We've been warning all week, and again in yesterday's Brexit webinar, that we would see wild swings as the results came in and so its proved.
GBPUSD had a look above 1.5000 in early reaction but it's no coincidence that the strong offers at 1.5000 that I highlighted in yesterday's order board have ultimately had their say. Equally the long standing bids/support at 1.4000 are holding so far.
Spreads are predictably wide and the Leave-biased reaction is being exacerbated by the run higher of GBP pairs into polling day since last Thursday. If you managed to sell the rally then well-done.
As I concluded in my decision post yesterday I continued to prefer selling into any GBP strength regardless of the outcome.
Right now the market is starting to factor in Leave to prevail but we haven't seen the end of the two-way wild ride by any means. I've already had to update the chart below three times while writing this.
I'll be posting on the impact on the euro and EURCHF scenarios shortly with the SNB definitely anxious. EURGBP has had the expected rally but tempered by negative impact of Brexit on the euro and good supply into 0.8000. EURCHF failed above 1.1000 again and its slide back down to 1,.0772 is significant,.
