FOREXCOM:GBPUSD   British Pound / U.S. Dollar
A timely update to the cable chart after an annihilation last week...

πŸ“ Taking back control (of support)

If we take a closer look at the breakdown we can see that above all it is directed at a lack of confidence in building UK exposure against a no-deal backdrop. What is perhaps even more crucial is the conception of 'track and trace' which is of course difficult to argue against, however if liberty is lost then confidence will follow!


If we take into account that the short-term damage from Brexit will relatively speaking demand action from BOE with front loaded cuts and another QE bazooka then sharp speculators can come together and understand the hyper devaluation of Sterling; classical monetary plays to offset the reduction in market access.

Euro seemed to lead the way on the leg higher and sterling seems to be leading the legs lower in G10 FX because of its high beta. The 1.35xx highs were rejected in fantastic style; and since the entire scaffolding for the leg higher since July has been reversed. Here eyeballing a move back towards 1.225x and 1.207x, possible extensions towards March lows and $1.10 with no-deal this year.

As usual thanks for keeping the feedback coming πŸ‘ or πŸ‘Ž
Comment:
Comment: We are entering into the initial congestion:

Comment: For those tracking EURGBP:

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Comments

I believe the time is now. If 1.3083 high set this week holds as a ceiling ts gonna be a sweet ride to the low low lows!!
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my man!
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well, that's not okay
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thats a 1985 low revisit :)
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Keep it up
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But here on this i dont agree !! It will never fall like that !!
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Amadiwochi rafinsyedKala
@rafinsyedKala, depends. If you look on weekly there has just been the strongest downside impulse since March. It will go up a little just to retrace it but Overall monthly seems to be bearish. We will see
Reply
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