The votes are in. The Brexit camp wins.- about 52% vs. 48% favored brexit- Dave Cameron resigned as PM - Boris Johnson now the likely replacement- Fears about Scotland pushing for independence re-emerged (Scotland overwhelmingly voted to remain)."...The Scottish First Minister has said she is determined to keep the country inside the EU and particularly in the single market, she says the Mayor of London will do the same.She is seeking an urgent meeting with the European Commission in a bid to discuss options to keep Scotland in the EU..."(telegraph.co.uk)The GBP/USD was rallying ahead of the vote. The market appeared to be pricing in a "remain". Even as the results rolled out, GBP/USD initially rallied to 1.50. But when it became clear that the votes favored a Brexit, GBP/USD collapsed to 1.3226, lowest since 1985. It continues to be volatile swinging back up above 1.37 by the start of the 6/24 US session. GBP/USD Daily Chart 6/24(click to enlarge)The daily chart shows price going into new highs on the year before falling to 30+ year lows. I would like to see what happens when the dust settles. I would assume that GBP/USD would remain bearish, but how much lower should it go? While downside risk is not clear, we can say that a bearish market should not rise back above 1.44. If price approaches 1.42, we should anticipate some selling. If price pops up above 1.44 however, we have to consider GBP/USD neutralized. To me that means stay on the sideline, but start looking for more signs of a bullish reversal and start considering buying on a dip. For now though, there is too much uncertainty, so I rather just watch the bloodbath instead of jumping in it.