GBP/USD – sellers rule the roost, markets to price-in UK recession?

UK has been voted out of EU and another wave of selling just hit the GBP/USD pair pushing it to a fresh 30-year low of 1.3228.

The chatter now is that markets would begin pricing-in UK recession. Pro-EU camp has been warning about a potential recession, while anti-EU camp has repeatedly called it nothing more than ‘scaremongering’.

It remains to be seen if Brexit results in a prolonged slowdown or being out of EU does good the UK economy.

For now the sellers are ruling the roost.

Major levels

Support – 1.30

Resistance – 1.35