A big showing for the “leave” camp in Sunderland, which is a powerhouse for eurosceptics has just shaken out a lot of cable long positions across the board. The GBP/USD pair dropped over 500 pips with risk assets being sold off massively across the board. One can see moves like this only around periods of massive illiquidity on the markets.
I'm going to come out and say this is the biggest ever Sunderland related move in the JPY pic.twitter.com/nKbVSDYyGU
— Tom Orlik (@TomOrlik) June 23, 2016
Thin liquidity and ongoing uncertainty from the vote have triggered substantial ... (read more)