Breaking: Sterling Hits New Post-Brexit Low, GBP/USD Below 1.3200

The British pound has just hit a new post-Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term low of 1.3220 as of writing. The United Kingdom's currency continues its free-fall in the aftermath of the referendum results to exit the European Union. Sterling has been underperforming against virtually all currencies on Monday with the increasing uncertainty about the future of the country wreaking havoc across the financial markets.

A panic selloff of the pound sterling is increasingly likely with a major trend line on a very long term chart in the eyesights of smart money traders. The GBP/USD has been relentless in its decline this morning after the market gapped down over 2 figures on Monday's open.

The EUR/GBP pair hit 0.8292 in today's trade, with the single European currency marking new post-Brexit high.

The British pound is likely to continue to trade under pressure since its multi-decade lows which were hit last Sunday are making an interesting technical setup formation on a very long term chart.

As seen below, the GBP/USD has been strongly supported on multiple occasions when prices have dropped below 1.4000 - both in the aftermath of September 11th 2001 and after the Great Financial Crisis of 2008-9. This latest Black Swan Black Swan A Black Swan event is most commonly associated with an unforeseen calamity or event. In its most basic form, this event results in disastrous consequences for multiple parties, markets, or individuals and are characterized as extraordinarily rare in frequency, yet are seemingly predictable in retrospect. In the foreign exchange space, the most noteworthy of these events in recent memory was the Swiss National Bank (SNB) crisis which roiled currency markets back on January 15, 2015.During this in A Black Swan event is most commonly associated with an unforeseen calamity or event. In its most basic form, this event results in disastrous consequences for multiple parties, markets, or individuals and are characterized as extraordinarily rare in frequency, yet are seemingly predictable in retrospect. In the foreign exchange space, the most noteworthy of these events in recent memory was the Swiss National Bank (SNB) crisis which roiled currency markets back on January 15, 2015.During this in Read this Term event has pushed sterling way below previous lows marked on both previous occasions during the last couple of decades and many traders are strongly convinced that a strong move lower is bound to happen.