06.07.201608:00 Forex Analysis & Reviews: Global macro overview for 06/07/2016

Global macro overview for 06/07/2016:

Despite the fact that Britain voted "Out" there is still no specific point in time set concerning when the exit will take place or what type of trade agreement will define the new economic relationship between the eurozone and Britain. After Nigel Farage resignation as a leader of UKIP, other British politicians are in no rush to leave. Nevertheless, the EU officials reminded to do the exit as soon as possible in order to minimize the uncertainty and instability in financial markets. The current situation looks like a political and economic waiting game, so this situation will continue to weigh on the currency and commodity markets for the foreseeable future.

Let's now take a look at the EUR/GBP technical picture in the daily time frame. After the Brexit vote bulls are clearly in control over this market, so the price is making another higher high and the technical resistance at the level of 0.8585 is now violated. The next resistance can be seen at the weekly chart at the level of 0.8816.