GBP/USD (current price: 1.39175)
The pair is down more than 10 percent or 1600 pips this morning, which translates to the biggest daily move of the past 40 years. Volatility is likely to stay highly elevated in the coming days as financial markets will try to sort out the consequences of the surprising outcome. Cable is trading near the 1.35 level, but technical indicators are likely to be unreliable in the coming days, as the new price levels will be established.
Our assessment: GBP/USD crashed this morning and the final results of the Brexit vote will likely influence the pair during today’s session, and extreme volatility is likely to continue in the coming day’s.
