PM May playing politics with a "Queens Gambit"….by asking for the short-extension till the end of June she is trying to force MPs hands to vote for her deal... Options from the EU are still either for (short) Mid-May or (long) lasting into 2020. The risk scenario which will send Pound flying down across the FX board is that the EU reject an extension.
We are tracking the same flows towards the top of the range here, and confidence is increasing after the break yesterday. The damage is almost done technically, a rally through current levels will leave us past the point of no return.
The first targets cleared and now 0.8841 remains the second target which is in play as early as this week. Well done everyone riding this one from the lows, it's not the time to start adding longs if you are not already positioned.
Best of luck!