ridethepig

Eye of the Storm for UK

Long
FOREXCOM:GBPUSD   British Pound / U.S. Dollar
Before Brexit takes centre stage again tonight we have to make a quick stop for US inflation data. Here market expectations are for 2.1% unchanged, this time I agree with the consensus.

Then at circa 4:00pm GMT PM May awaits a decision from EU leaders.

A long extension is my base case (75%) but it is important to not rule out neither a short extension or a no deal. Remember a long extension is only slightly positive for Pound as we are only delaying the inevitable economic pain in the very short-term.

An important note here for those reading "Are you ready to swim with the current?" on perception being more important than reality as it may be enough for Pound crosses to start trading back into our infamous loading zones, giving us another opportunity to load for the ‘real’ move later in the year.

Best of luck all those trading Cable for the Summit.
Comment: A quick update here before we close shop for the week...

Comment: A good time for a quick chart update in Cable before the weekend.

Here we can see how defined the move is after the call. If you look at the initial dip into support after the message is sent you can see how the stops on the dip are taken. As you can also see there is clearly no follow through... The stop run did not hold after the NY open... then we roll... and then Tokyo was BID and since then bulls took charge.

Thanks all and hope this helps.

Comment: A chart update to kickstart the week. No surprises bulls stepped in here:

Comment: A quick chart update here... time to start paying attention in Cable... if we lose the floor then we must switch sides and stay nimble! This pullback for our loading zone at 1.33 should only have been viewed as corrective for the larger move later this year.

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