A Massive Drop for GBP/AUD

The results of the UK referendum had a major effect on all GBP-related currency pairs and GBP/AUD is no exception. The pair fell with 1600 pips, reaching and then breaking below the previous low at 1.8306, eventually dropping to the 1.8011 level. Although the pair retraced considerably, later it continued moving to the downside, testing the support at 1.8170 several times. In my opinion, there will be a period of sideways consolidation before it continues moving to the downside, considering the current situation. Of course, when it comes to both GBP and EUR-related pairs we should keep in mind that any news suddenly coming out will likely have a major effect on them again.

Brexit Actually Happened

Brexit actually happened. To say that I am stunned would be an understatement. To be perfectly honest, I really did not believe that the British people would vote to leave the European Union, but they actually did.

Unsurprisingly, that caused a huge crash on all EUR and GBP-related currency pairs. GBP/USD crashed with 1800 pips, reaching 1.3225, which is its lowest level since 1985 and EUR/USD reached 1.0911. Both pairs rebounded afterwards, but the damage has already been done. I, personally, expect that now there will be a sideways consolidation, as it usually happens after such a big movement, but afterwards the move to the downside will continue, especially if the UK follows through with the results of the referendum.

Brexit

Today I decided against writing any kind of analysis, because with the impending events tomorrow nothing is set in stone. The UK referendum is almost here and there is only one certainty – that whatever its results, the consequences will rock the Forex market. The question is in what direction will that be. At this point I have decided to close all my positions, so that I can just sit and watch what will happen next. Whether or not you do the same is your own, personal decision and I hope you will not take it lightly either way. If you have decided to trade the news, I hope that tomorrow will only bring you profits.

ActivTrades Webinar London BREXIT Update: One month to Referendum

There is about one month left until the referendum in the United Kingdom where the people will decide whether they wish their country to remain a part of the European Union or not. There is no doubt that whatever the results of this referendum, they will have a great effect on the Forex market for quite a long time to come.

Fortunately, the competitive online broker ActivTrades is organizing a webinar that will be held today, where professional trader Malte Kaub will shed some light on the questions that I am sure all traders have about this event, such as “What is the most likely scenario? How are the biggest traders positioned?” and he will share his insight straight from the leading traders in London.

Do not miss this incredibly helpful webinar!

You can learn more about it and register for it by following this link.