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GBPUSD – Pushes Lower After Scottish No Vote
As we talked about last week, we suspected a ‘No’ Scottish Independence vote as the price action was building up ahead of time. We wrote in our daily market commentary that if 1.6440 was broken, expect 1.6500 and 1.6540 to be attacked.
As you can see from the chart below, 1.6440 was broken and the pair hit a high of 1.6527, just shy of our second intra-day target.
What is most interesting, is instead of continuing the bullish move after the No vote, the cable sold off heavily for the next 16+ hours, closing over 230 pips lower and forming a long tailed pin bar in the process. This is showing you …... Keep reading