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Brexit could badly damage global markets

Wednesday, May 25 2016
In one month, the United Kingdom will hold a key referendum to decide if the country will stay in the European Union. While the world is watching and worrying about the result, some traders are looking to the currency market to help them cash in should the so-called "Brexit" really come to pass. Beyond the currency impacts, traders and analysts warn that a Brexit could badly damage global markets, especially since the UK could set a precedent for other European countries to follow.
"It would be catastrophic from every possible angle, because it will create chaos the likes of which we've never seen before," said Schlossberg. "If they leave, they open up a Pandora's Box for everyone else including Italy — which is on the verge of tipping into a recession right now — to want to go leave." "They will basically unite the whole European Union by creating this one act of defiance," he added.
 
Sterling is currently being traded few points above 1.4620 level. Pair is likely to find support around 1.4550 handle and resistance above 1.4660 level. There will be no major data releases later today.
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