No projections anymore. It’s now beyond all math – the Scots rejected independence from the UK. The lead is clear: around 9%.The last results out of Fife, Gordon Brown’s region, released its numbers and that is it.
The pound is not celebrating just yet. We may be seeing a “sell the fact†response. However, we will see the full reaction as European traders get into full gear.
The margin is 55.42% against independence against 44.58% for independence. This is nearly 11%. The turnout is 86% – very impressive.
Support is at 1.6440, followed by 1.64. Resistance is at 1.6523, the high of the night.
Update, the pair continues lower, trading at 1.6455 at the time of writing. See the referendum related levels
The United Kingdom remains united. This also has positive implications for the euro, as it is likely to keep separatist movements somewhat back. Catalonia in northeastern Spain is the prime example.
Update: GBP/USD now extends the slide. The new post results low is 1.6420.
In the longer run, the pound, like the dollar, enjoys a tightening central bank, so the pound is likely to outperform other currencies such as the euro or the yen.
