GBP/USD big swing lower from 2016 highs, hits lowest since 1985

The selling interest behind the cable is exploding at the moment, with the prices crashing to the lowest levels since Sept 1985, a fresh 30-year low on 1.34 handle.

The latest leg lower in the GBP/USD pair comes as markets are starting to believe that a Brexit is the most likely scenario that will emerge by the end of the day. The latest vote count shows Remain having 9.805m votes and Leave having 10.227m votes, pointing towards a Brexit.

Further, the traders feel that Big Remain results going forward are unlikely to bring a complete turnaround as Leave continues to lead by a bigger margin.

Levels ahead:

Higher side: 1.4000

Lower side: 1.3200