Most markets haven’t done much over the last few trading sessions.
Here is the GBPUSD, one-hour chart showing recent moves:
The week’s range is largely confined to the 200 pip box drawn in, while it could be argued that we’ve seen less than 130 pips of movement over the last two days.
There has been a dramatic reduction in risk pre Brexit vote, as measured by the US VIX:
and the US and European markets have behaved themselves for the last few weeks:
So where is all the volatility we’ve been talking about?
Its on its way.
Polls open early tomorrow and close at 10pm UK time tomorrow night, while the future of Britain’s relationship with the EU will only be known 9 hours later.
Here is time-line of what to expect (all times are GMT +1. To convert to SAST, add an hour)
7am – 10pm, June 23: Polling stations are open
Note: Major broadcasters have not commissioned any exit polls during the day, over concerns about accuracy.
4am – 7am, June 24: Expect results to come pouring in. This will likely be a very volatile period in the markets.
So, by 8am SA time on Friday morning, we’ll know the confirmed Brexit/Bremain result. Tomorrow, I promise, I won’t even mention the word Brexit – we’ll look at something completely different.
And right now? Well, I am brushing up on my skills as a trader during this period. I would like you to join me if you are interested.
Glenn Howell | PracticalPips
PS. Before you join my mentorship program, you will need to open up an offshore trading account