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GBP/USD soars 200 pips on rumors of a suspension of

The markets are focused on the Brexit / Bremain debate, one week before the planned EU Referendum.  Today, the situation became tragic with the killing of a Labour MP named Jo Cox. The attacker was caught and is being investigated.

It is still unclear why she was shot dead. We do know for sure that she was a pro-Remain, like the majority of her party. From here on, the rumors begin.

First, there is a report about that the murderer shouted “Britain First”. This is a call associated with the  far-right in the UK. The report is unconfirmed. The bigger rumor is that the government is considering suspending the EU Referendum.

With markets already on the edge and after GBP/USD almost touched 1.40 on more negative polls, this turned the fate around, with a leap to 1.4232, 220 pips off the lows. Short covering? Profit taking?

It seems quite unlikely that the referendum will be suspended. A significant pause for reflection and mourning is likely, as we have seen in the past with the strong democratic tradition in the UK, but to allow the murderer to totally change the calendar seems far out.


Here is how it looks on the chart:

GBPUSD leaps on murder of Jo Cox

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.