There’s nothing stopping the Pound decline
Skerdian Meta • 1 min read
More than a week ago the British people voted to leave the EU and the Pound dived into a 20 cent pool. It stabilized somewhat into a 400 pip range between 1.3520 and 1.3120 w2hich gave the impression that the things might not be as bad as they looked and the decline might end up there.
The main leaders of the Brexit camp such as Farage and Johnson resigned so that gave some Pound longs a bit of confidence and a ray of hope that the Brexit might not happen after all. But, the forex market is starting to think differently now and the Pound is heading down again.
GBP/USD just broke multiple year lows today and touched 1.3090 while EUR/GBP is an unstoppable train, although the Euro has suffered from the Brexit vote as well. This pair was at 0.70 by the end of last year but now is more than 1,500 pips up, above 0.85.