After Brexit Most Instruments Are Trying to Find a Direction

The news that the UK will leave the European Union caused chaos and panic on the financial markets, and they still cannot recuperate from that.

Most instruments (currency pairs, metals, commodities, indexes and stocks) are in range that has continued for almost a week now.

The markets are trying to find a direction and at the moment it is unclear whether that will happen anytime soon, especially considering the fact that whatever decisions are made will be made in September at the earliest, because yesterday the EU gave London a two months respite to make the first steps to leave.

Not to mention that respite coincides with the summer season, which is at the beginning of its height in the Northern Hemisphere, and during this period the markets are generally a lot less volatile.

With all this in mind I would say that traders are facing a lot of uncertainty during this summer and in my opinion it will be best to do intraday or very small time frame trades. At the moment it is very hard, even almost impossible to make a long-term prediction about the direction of the various instruments.