OIl has spiked too fast and too high from where it was a week or two ago on geopolitical tensions. Now, we have G-20 and Opec meet next week.. Trumps wants a lower oil price which is possible and Opec ain't gonna cut more supply..plus if is nothing more than expected is said at next Opec meet... we could see buy the rumor sell the fact trade on WTI.. that will help Cad to weaken. And with too much uncertainty already priced in for the quid..it now becomes meaningless to sell..because ultimately, all negativity has been priced in.
Hence, from a price action perspective..and fundamental combination.. this is a good price to go long
Boris is expected to get elected.. be careful ain late July + this bullish expectation on Oil is still on..
RyanVarghese
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@D-Rod, I am not saying a continued rally from here.. just a minor correction that is contra to the current trend.
D-Styles
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@RyanVarghese, 500 pips a big rally when Oil expectations is bullish now , can be better with Us - China deal settled.. & Boris to most likely be elected in July.. (sending the GBP down) Good Luck.. on this.. ive been in the sell on this & strong +198 pips