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Sterling was initially pushed higher in the course of the last week, all the way to above 1.49 handle as it was expected that Remain side will win in Brexit referendum. However, after Leave side victory, Sterling tumbled to the lowest level since 1985, finding support around 1.30 handle, and then rebounding by the end of the week to a closing above 1.36 handle. As for next week, Brexit will remain the key topic with pair likely finding support around 1.33 handle and resistance above 1.38 handle.

In long-term trends, BoE will involve in the markets to stop further decline of Sterling, so we believe that at moment 1.30 area is where Sterling will try to consolidate. With that being the case we would avoid any long-term trading at the moment as it will take some time to market to consolidate and show more clear trend, but the bias is now certainly bearish.

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