Take your position – 7 days to Brexit – The EU referendum is 7 days away and volatility is surging across the board, filling the markets with trading opportunities.
Take advantage of market events by trading with some of the best products and services in the industry:
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Not sure how Brexit affects the market? Here’s a look at some significant market movements that happened recently:
22nd of February – 29th of February – GBPUSD
The heightened anxieties and growing uncertainties over the massive impacts of a Brexit vote to the UK economy instantly reduced investor attraction towards the Sterling, consequently leaving the currency vulnerable to losses. Boris Johnson’s shocking decision to join the Brexit camp on the 22nd of February, began a heavy selloff which sent the GBPUSD down over 450 pips between 22 & 29 of February 2016.
The breakdown below 1.4250 on the 22nd of February could have offered an opportunity for traders to sell with targets, stretching as far as 1.3850. If one had shorted the breakdown below 1.4250 at 1 lot ($10) a pip and exited at 1.3850 on the 29th of February, a 400 pip profit equivalent to $4000 would have been made. On the other hand, the previous 1.4250 support could have encouraged traders to buy with targets aiming towards 1.4650. If one had bought at 1.4250 at 1 lot ($10) a pip and exited at 1.4050 on the 22nd of February, this would have resulted in a 200 pip loss equivalent to $2000.
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