Looking ahead, this Brexit vote could trigger another Scotland referendum on breaking away from the United Kingdom. A 2014 referendum on Scottish independence resulted in the country remaining with the U.K., but the results were largely contingent on E.U. membership.

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While that is not a foregone conclusion, the path of least resistance in the near-term appears to be lower for sterling and FXB.

“The pound’s “20 day Simple Moving Average (SMA) has shown a steep downward trend, just recently leveling off due to the extremely tight recent trading range, and is well below the 50 day SMA. Although resistance is found at the pre-referendum levels of 1.50, that level seems almost impossible to reach and the short term resistance level of 1.35 seems more applicable to traders,” according to OptionsExpress.


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