GBP/USD consolidating within 1.3600-1.3750 band

With a humongous fall of around 1800-pips and a subsequent recovery attempt to 1.4000 psychological mark, it is turning out to be an extremely volatile session for the GBP/USD pair. 

For time-being, the major seems to have dealt with the initial reaction and is now digesting its steep slide, oscillating within 150-170-pips band between 1.3600-1.3650-70 region. 

Earlier during the day, the pair fell to is lowest level in over three-decades after the UK voters decided to end UK's 43 year old membership with the European Union. The pair, however, found some support at lower levels after BOE conveyed its readiness to take all necessary steps to bring back monetary and financial stability. 

Moreover, weaker US Durable goods order also extended support, limiting any immediate downslide for the pair. 

Moving ahead, focus would remain on negotiations, news, developments and announcements surrounding the unexpected outcome of the Brexit vote that would drive investor sentiment surrounding the British Pound.

Technical outlook

Valeria Bednarik, Chief Analyst at FXStreet, notes, "Intraday technical readings are aiming to correct extreme oversold readings, but there's no way technical readings can say something coherent today. The 4 hours chart shows a strong support around 1.3520, which means that if somehow the pair fells back below it, would likely return to the daily low, during the upcoming days."