TheBanker
Long

Brexit chapter 2

FX:GBPUSD   British Pound/U.S. Dollar
and we will take that guys!

Well done to all those holding longs, not been a simple ride given the panic leg we have been experiencing.

Risk to my thesis is a very noisy week on the UK front, lets keep the conversation open here for all those trading this pair and discuss the macro side as well as TA.. it's very difficult to have conversations in the chat now as too many members.

Look forward to reading your comments and gl to all of those trading this week.
Comment: watching inflation data like a hawk
Comment: there we have it
Comment: well done to all those holding longs
Comment: europe open just how we wanted
Comment: 1.26 about to get the fist through
Trade closed: target reached: first target hit, leaving the rest to run for the 1.30x extension... thanks for playing so far
Comment: leaving final two positions open for extension target in cable http://imgur.com/a/e1OUv
Comment: 1.29xx handle holding here, expecting rather smooth tides for the remainder 1.30xx
Comment: sterling finally pushing through 1.30x ... ftse tanking, chapter 3 will be starting soon!
Short GBP to the floor..... If you disagree, keep reading.
Macro reasoning: They're leaving the EU...
I shouldn't have to explain myself here, but I'll make a slight effort...the EU is PISSED! Do you really think Theresa can negotiate good terms with this?
They've LITERALLY said they are going to make an EXAMPLE of the UK....
When Parliament passed legislation to let Theresa go ahead with Article 50, the GBP fell! WHAT DOES THAT TELL YOU ABOUT SENTIMENT GOING INTO THIS???
Ask yourself this: Do you really see ANY chance of an Article 50 trigger, and later actual Brexit, being POSITIVE for the GBP?

If you're not convinced, go take a peek at the Daily chart on GU. What trend are we in? <--- There's my technical outlook
Sell the house, sell the car, and SHORT THE GBP!!!
+6 Reply
TheBanker FishMonkey
@FishMonkey, hey mate...

All we have for the remainder of the month is the formality of announcing A50. To be crystal clear this is a short-term move in a mid-term range, not a change in trend.

I understand that we are entering into 'hiccup zone'. This last leg has been rather hesitant as i'm sure you've seen, played as expected with UK rather awkwardly entering into rate mode trading. No one will want to be bidding sterling for the long term (inline with your comments) so expect a rather fast leg up here, we have inflation data out later this week pressing a real threat on consumption with every other sector ticking up! . We have found a nice bottom here and 1.27 shouldn't be able to hide. This will be messy and a game changer short term as markets will be caught on the wrong side.
+2 Reply
@TheBanker, Let's just see where this goes. Technically, I do think that 1.27 could be plausible possibly, but I doubt we'll see the level where you've drawn your TP above that if we do get upside on this. Now, if you're right, you're buying lobster for the next yacht outing! ;)
+1 Reply
hi, nice triangle, however, i dont get what cable fans could see so compelling in uk economy...

fact is that sterling is tanking for decades, and pls, dont blame brexit...

next tgt parity?

snapshot
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@FishMonkey no political talk, only technical stuff. New rule please read full.
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my gbp buy idea
watch 1.32 target
I posted that when I realised that my gbpusd long term sell idea was just short term(a part of correction)
GBPUSD m-term buy setup (wave analysis)
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NIceley done. Looking to short back to previous daily support test?
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Well Done, Superb Call :)
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Looks good...
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Very slick, boss.
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