UK leaves EU – After 43 years, Great Britain has voted to leave the EU.The financial markets seemingly misread the signals from the British public – and consequently have now reacted dramatically to this somewhat surprise result.
Sterling (GBPUSD) fell almost 12% to lows @ 1.33 – that haven’t been seen since 1985 – with knock on effects for all Global Indices & Stocks. The FTSE, DAX, CAC, NIKKEI all dropped sharply over 10% instantly wiping billions off the stock markets.
David Cameron, the British prime minister, who backed the ‘Remain’ camp said Great Britain required “fresh leadership” to negotiate the country’s exit from the EU and thus announced his resignation.
It is likely that there will be plenty of volatility ahead as the markets try to absorb the news in the coming days, weeks & months – which brings both risk & opportunity for those that dare.
GBP/USD Intraday: key resistance at 1.4000.
Most Likely Scenario: short positions below 1.4000 with targets @ 1.3200 & 1.3000 in extension.
Alternative scenario: above 1.4000 look for further upside with 1.4350 & 1.4600 as targets.
Comment: the RSI is mixed to bearish.
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