GBP/USD, 1790 pips fall step by step
Who survived this fall, will have something to talk about. Watch how the fall looks like step by step in 7 sesions of falling and bouncing in the H1 chart. This was really something to watch and to enjoy. The streght of the forex market was incredible. At first, I tought that I will go to sleep at 02:00 AM after 1st and 2nd move, because I didn’t have opened positions, but it takes only a couple of minutes to realize that this will probably be one of those days worth to watch and to stay awake all night. And that’s how it was, I made a popcorn and watch this armagedon movie with the British Pound. On each new datas, there was more clear that the Brexit option will actualy win on this referendum. To the surprise of all, in the end it was really more of those who voted with emotions, than those who voted with common sense. While this option wasn’t included in the price, the British currency had to pay the same and the collapse happend, on witch the Pound reached the lowest level since 1985 versus the US dollar.
It’s the consolidation time now in wich the major banks and FX strategy teams are currently in the process of reviewing and adjusting their FX views and new positions for the Post Brexit referendum era. We can hope that they will adjust theirs portfolios over the coming days, so that we can continue to trade in some kind of normal conditions. Sure, I will also consider to remove the British Pound from my watch list for a while. Enjoy the weekend, you all deserve it. 😉