IN_GBPUSD has seen incredible volatility over the past 24 hours, with initial optimism throughout the polling period giving way to a sharp deterioration as the results began painting a very different picture.
Short-term price action has been understandably sizeable and as such, a longer-term picture is worth looking at for some sort of perspective. The monthly chart highlights the break through a whole host of key support levels, with the pair reaching a new 30-year low earlier in the morning.
The interesting thing to note is that the sell-off has been stemmed at a crucial descending trendine, with a substantial rally occurring since. Amid calls for substantial further downside in GBP/USD in the future weeks and months, that trendline support will need to be broken for the market to reach an area with little support.