the price action looks bullish on the daily time frame.
A correction of the last two weeks down trend is possible but it could be short lived.
Watch out for price stalling at the support area from two weeks ago. Just before it broke down.
The pair has already exceeded its average monthly range.
We can see a double bottom has formed recently.
Expecting further upside as the pair has started to make higher highs and higher lows.
View chart for price prediction.
Long term and short term support
decreasing volume in downtrend, indicating less interest and activity for lower prices.
Extreme volume at recent low indicates a possible bottom and a fake breakout.
Possible "W" pattern forming. Trade from "c" to "D".
Britons voted to leave the EU
They have not invoked article 50 yet to start a 2 year negotiation with Brussels on their divorce from the union - So, Britain is still a member of the EU. Therefor nothing has really changed yet.
The Govenment resigns failing to convince voters to remain - A new government has just been sworn in.
Recession is very likely, however...