What a massive non-event for the GBP post the vote tonight. The GBP is totally unchanged on the day. The initial weakening of the GBP earlier today is reversed and the GBPUSD cross trades at 0.000% change on the day.
The much-anticipated violent move was priced by the overnight volatility in the GBPUSD cross, but as can be seen that move has totally imploded intraday.
The crowd continues to get it wrong.
Source: charts by Bloomberg