Ok, so we know last week, Britain voted for Brexit and the Pound fell off a cliff, pulling the Euro down with it. It was unexpected so the Brexit vote had a great impact on these currencies. What made it worse was that the forex market was already long on the Euro and GBP in the final days/hours.
But, what happens now? Well, the market sentiment is against taking risks as you´d expect and GBP/USD is sliding down. It broke the 1.35 support level earlier today and just a while ago it broke last Fridayx´s low at 1.3220s. Looks like there´s no help for the poor Pound right now. With these sort of moves, 1.30 is just a step away.
The Japanese Yen is taking all the love it can get as it always does when the market sentiment is negative. The Euro is feeling the pressure as well. It broke below 1.10 in the last hour but it doesn´t seem to be in a rush and it is flirting with that levels for about two hours, moving above and below it. The situation is blurry for both UK and EU so their currencies are suffering and I expect this to last.
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