Soothing words for markets from Osborne? That helped for a very short time and resumes its falls and is basically on its own. While there is a general “risk off” atmosphere which also weighs on the euro and commodity currencies, the fall in the value of GBP is at a higher order of magnitude.
GBP/USD reached new multi-decade lows, EUR/GBP is making its way up and GBP/JPY continues the downfall.
The Brexit aftermath and the high level of uncertainty are just too much. We noted 9 reasons for the extended fallout. Basically, things just look worse over the weekend, with confusion all around.
Where is the next line of support? Basically we are at uncharted territory and at levels last seen in the 80s. In addition, volatility is quite extreme. 1.30 is a clear line of support, due its roundness.
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