The collapse of the Pound (GBP) continued off the open Monday with recent moves even more brutal and devastating than before. The cross reaching a monumental high of 0.6315 (1.5840) the October 2016 level before things took a turn and the GBP recovered losses somewhat. Some may remember the carnage of Brexit in June 2016 and what happened to the GBP then, following June’s plummet to 1.7800 (0.5620) it worsened over the following months to clock 1.5760 (0.6345) in October before recovering. We are not far away from plunging back into the unknown regions below 1.5700 (0.6370). Markets are starting to concede that the Bank of England may end up raising rates 1% instead of 0.75% at their next meet. Back at 0.6000 (1.6660) as I write we may continue to see huge shifts continue.
Current Level: 0.5999 (1.6669)
Resistance: 0.6170 (1.7200)
Support: 0.5815 (1.6200)
Last Weeks Range: 0.5847-0.6029 (1.6584-1.7102)