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GBP/USD – Brexit Trade Zones
Well after months of debate and political posturing it all comes down to this. The Brexit results will start trickling in at 23:30 GMT and we’ll be there to trade then.
The remain vote appears to have the edge and the markets have already priced in most of the upside. Should the Remain vote win there will be a reflex relief rally but its is very likely to peter out in the 1.5000-1.5200 corridor where cable has massive over head resistance.
On the other hand -- almost no one is expecting a Leave victory and if that vote should pull ahead the pandemonium could be massive. The first real line of support comes in at 1.4000-1.3800 level a full 1000 points lower from the current prices. The multi-year support comes in at 1.3500 where the longer term buyers are likely to appear.
Either way trade small, expect massive spread widening and be careful out there.