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Cameron said a second referendum was not in the cards

Tuesday, Jun 28 2016
Market participants have had some time to digest the repercussions of the UK exit from the European Union and have been selling the Pound across the board in early week trading. There remains uncertainty surrounding the unprecedented departure from the EU, however, some clarifications were made today. Prime Minister Cameron conveyed earlier today that a second referendum was not in the cards. Though this point had been made ahead of the vote, GBP bears may have hesitated as any type of indication that the vote was not going to be enforced, would cause a sharp reversal in the pair.
Chancellor Osborne reiterated the point, reinforcing that Britain will have to follow through after the leave vote. Bank of England has seen two downgrades today. Fitch has downgraded the bank’s IDR from ‘AA+’ to ‘AA’, while Standard & Poor’s downgraded the UK by two notches from ‘AAA’ to ‘AA’. There has not been any announcement from Moody’s as of yet, they hold UK at ‘AA1’.
 
Sterling is currently being traded few points above 1.33 level. Pair is likely to find support around 1.32 handle and resistance above 1.34 level.
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