GBP/USD - Haunted By Brexit - 10/5/2016

FX:GBPUSD   British Pound / U.S. Dollar
70 0 3
Political and economic realities may be different but trading happens in different universe of its own ! That universe per se is perceptions of traders. Especially those traders or institutions which can move the market with blunt force. Why? because if 1000 people with $100 in pocket bet on something to go up, and few with $1 Billion bet against it then you know the result. That's one of the reason trading is difficult endeavor. You may be right but it doesn't mean anything until yours or the group you belong has its purse strings tight.
We have mentioned many times that Brexit is not going to detach UK from earth and throw it into some other orbit. Besides for most part of the UK, it is going to be business as usual. But political bickering is going to grab the headlines and those won't be pretty. In turn, it is going to affect the psyche of participants. It is tough time for pound to get any love and it will remain so until the much advertised article 50 is invoked and separation happens on paper.
To add to the dilemma, we don't have any good technical levels to lean against now to buy GBP/USD             . So there is no choice but to let the storm settle. Also short it blindly to grab another 1000 pip fall is not a strategy. From now on the strategy would be to let the temporary support or resistance form on lower time frames and trade with it. In fact, that's the strategy we are applying for most of the pairs right now due to the lack of sustainable trend.
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