Impact Brexit vote on Forex market

June 23, 2016

GBP/USD
4 hour

The GBP/USD managed to break the resistance trend line (dotted red) despite the British vote on the EU membership taking place today (Thursday June 23rd). The bullish price action is most likely reflecting a reaction towards the opinion polls. The wave count is highly vulnerable to change depending on the referendum result and market reaction to the event. The first results are expected in the morning of Friday June 24th GMT time.

1 hour

The GBP/USD is in a wave 5 (green), which could expand to higher Fibonacci levels if price breaks above resistance (orange).

EUR/USD
4 hour

The EUR/USD bullish bounce at 1.1250 has taken price back to the resistance trend line (red). Bullish candles are now challenging the resistance level but a breakout or bounce could also remain unknown until the results of the British vote (today) are slowly announced in the morning of Friday June 24th (GMT).

1 hour

The EUR/USD broke above the resistance trend line (dotted orange) for a continuation of wave Y (blue).

USD/JPY
4 hour

The USD/JPY is moving back and forth between support (green) and resistance (orange). The wave count is highly vulnerable to change depending on the referendum result and market reaction to the event.

1 hour

The USD/JPY will encounter many resistance Fibs if a break above the resistance trend line occurs.

Publication source
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