GBP/USD (current price: 1.4710)
The pair experienced heavy trading again on Monday, as the Pound triggered massive stop-loss orders when it surged past several important resistance levels. The pair rose above 1.47 during the day, rising by more than 5% in three sessions. Cable bounced lower off the 200-day MA on Monday, as the cross hit the crucial indicator for the first time since last November. The Pound is still likely to remain in focus for the rest of the week as polls are still close, and a surprise outcome on the referendum remains a possibility.
Our assessment: GBP/USD briefly took over the place of the most-traded currency pair from EUR/USD, as all eyes are still on Thursday’s vote, causing extreme volatility in the value of the Pound.
