Great British Pound (GBP) Dives Deep As UK Votes to Ankle the EU
GBPUSD: BBC news reports have confirmed that pro-Brexit voters, the people in favor of the UK leaving the EU have won the referendum by 51% Vs 49%. As the results were announced the Great British Pound (GBP) took a strong hit fast.
The GBPUSD has fallen from a 1.50 high in matter of hours to below 1.35, the lowest level seen in 30 odd years.
The GBPUSD completes the Wave 4 (purple) correction. The Brexit vote has become the market catalyst for the Wave 4 and 5 structure to develop.
The EU would be faced with its 1st ever member exiting the Eurozone. The EURUSD is following the GBPUSD weakness, albeit with smaller moves. Here too the Bearishness has broken support levels and could mark the completion of Wave 4 and the start of Wave 5 (blue).
The EURUSD broke below the support trend lines and price is showing strong Bearish momentum on the news of the British voters prefer ankling the EU.
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