GBP/USD down in the dumps on Brexit, Cameron’s speech eyed

The pound battering against the greenback appears to have paused in the last hour across, although the cable remains vulnerable near 30-year lows, as the Brexit win has sparked fresh concerns that the UK could re-enter recession.

While calls of a referendum in other Euro area economies have also gathered pace, keeping the bears well positioned to knock-off the pair to the next target seen at 1.2500. Meanwhile, the European traders digest the Brexit news and now await the UK PM Cameron’s speech due out shortly for fresh GBP moves. Markets are expecting Cameron to to call for unity and stability, in his prepared remarks.

The cable attempts a tepid-bounce from the lowest levels since 1985 reached at 1.3218, and now wavers around 1.34 handle, still down -10% on the day.