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Today we have seen volatility back in full flow after long weekend in US and Canada. One of the most volatile currency today was GBPUSD as the pair dropped about 145 pips as concerns over the Scottish independence vote trumped the better than expected economic data from the construction sector.
With only a few weeks to go before the Scottish referendum vote scheduled for September 18th, the latest YouGov poll has revealed that the gap between the No and the Yes vote has narrowed markedly. The No vote still leads at 53% to 47% for the Yes vote, but that represents a narrowing of 8 points from the 14 point lead just a month ago.
So in coming days, I am expecting some whipsaw price action on GBP related pairs mainly led by Scottish referendum news. There is still lot of room for price to move down towards technical support, but in my opinion when important fundamental events leads price action, any entry based on technical analysis is less effective.
With only a few weeks to go before the Scottish referendum vote scheduled for September 18th, the latest YouGov poll has revealed that the gap between the No and the Yes vote has narrowed markedly. The No vote still leads at 53% to 47% for the Yes vote, but that represents a narrowing of 8 points from the 14 point lead just a month ago.
So in coming days, I am expecting some whipsaw price action on GBP related pairs mainly led by Scottish referendum news. There is still lot of room for price to move down towards technical support, but in my opinion when important fundamental events leads price action, any entry based on technical analysis is less effective.
