The Unthinkable Happened

Even yesterday no one could believe that the British voters would choose to leave the European Union.

Everyone thought that such a move was unthinkable and investors were favouring the long positions for the GBP. Unfortunately, towards the end of the day the enthusiasm drained away and in its place panic set in, after which the GBP started crashing.

The British currency dropped with 1800 pips for eight hours, reaching the historical low at 1.3226, which is its lowest level since 1985.

It is difficult to say what we can expect from now on. At the moment the chart is not offering any sort of technical analysis clarity, nor are the markets offering any fundamental analysis clarity. I hope that in the following days things will become clearer and we will be able to find new entry points for this currency.