GBP plunged more than 9%, after UK votes to leave European Union
Sterling suffered its most volatile session in living memory and
hit its lowest level since the 1985 Plaza Accord as Britain voted to leave the
European Union, triggering a rush into safe-havens such as the yen and the
dollar.
The pound fell more than 10 percent to $1.3300, its cheapest
level since September 1985, when five major economies at the time agreed to
weaken the dollar, while GBPINR plunged towards 90.50 compare to previous close
of 100.11.
Near term trend is expect to remain bearish in GBPINR, and any
rise towards 94.50-95.00 could attract huge selling pressure. Target would be
90.50-89.50-89.00.
EURO drop more than 2%
The euro also dropped more than three percent against the dollar
while the Swiss franc firmed along with the yen, though the wild moves made
traders wary of intervention by Group of Seven countries.
Euro was under pressure against most other currencies as
investors fret Brexit could spark anti-establishment movements in other
European countries, some of which have already seen decline in traditional
political parties.
Any rise towards 75.50-75.60 is expected to attract huge selling
pressure for the target 75.00-74.60-74.20. Stop loss above 75.80.
Japanese Yen gained more than 4.60%
Japan’s currency surged 6.1 percent to 100.03 per dollar, its
biggest jump since 1998. Against the pound, it jumped by a record 15 percent.
While up 4.60% against the Rupee after
the United Kingdom voted to leave European Union.
Now, pair expects to take short time correction from the every
rise towards 66.75-66.85. Target would be 66.00-65.50-65.00
Indian rupee depreciated to near four-month weak against the
dollar
Dollar index traded up Friday as investors became wary about that UK citizens voted to leave the European Union
Near term resistance is seen at 68.30 and next upside move will
expect to come only above this level, else pair may take short term correction
towards 67.50-67.35 before next rally.
