Global macro overview for 27/06/2016:
In his first public speech after Brexit, UK finance minister George Osbourne said this morning, that the UK is ready to confront the future. Moreover, he admitted, that UK growth has been robust and the economy has to adjust to the current situation. The contingency plans are in place and the ongoing contract with BoE Carney will be continued, but they have agreed to further plans if needed. Currently, he awaits a new Prime Minister nomination before deciding on any action. And the last, but not least, the Article 50 should only be triggered when the UK has a clear view of the relation with EU. In conclusion, he delivered a typical cautious speech after the fundamental, game-changing event like Brexit. Wait-and-see approach is now all that UK politicians can do in the current situation.
Let's now, however, take a look at the GBP/USD technical picture in the daily time frame. A huge red down candle makes clear that bears are in control over this market and they might try to test/breakout the level of local support at 1.3230. The most important resistnace is seen at the level of 1.3836.
