The vote for England to leave the European Union was more of a political move than it was an economic one. In fact, this move was so political that Prime Minister David Cameron had announced that he would be stepping down thanks to the fact that he no longer felt like he was the right person to lead his country. However, as political of a move as the Brexit is, traders need to be focused on the economic side of things as this is what moves prices and creates or eliminates your personal wealth.
The immediate impact on the GBP, as you might already know, is that the pound fell dramatically against the other major currencies. (more…)