GBP/USD Crashed as Brexit Happened

GBP/USD lost more than 12% on Friday or talking numbers, the pair went from 1.50 to 1.32 as results showed Britons chose to leave the EU. The Sterling fell off a cliff reaching the support line from the resistance line in a few hours.

However, technical analysis once again conquered over fundamentals as price was stopped a few pips above the support line. Support even managed to turn around price as after the 30-year low it climber up covering more than 50% of the downfall.

Main trend remains bearish on the short-term and if the situation deteriorates more then we could expect further depreciation of the Sterling.

Chart: GBP/USD D1