ridethepig

Traditional Morning Cable Update

Short
FOREXCOM:GBPUSD   British Pound / U.S. Dollar
As expected… PM May defeated on her Brexit deal. Although a smaller margin than the first time, with highlights coming from David Davis switching sides and a softer Jacob Rees-Mogg.

Round 2 is in play for the House of Commons tonight. The house are voting on whether it supports leaving the EU without a deal. Markets are overwhelmingly expecting this to be rejected, leaving the possibility of a Brexit extension (round 3) tomorrow the most likely scenario.

I must stress that a one Quarter delay to Brexit should not be viewed as anything other than kicking the can further down the road and postponing the inevitable economic pain that is coming. The extension will offer a third attempt of getting May’s deal through…unbelievable right?… but it is what it is.

The pressure on brexiteers to deliver Brexit is mounting and my base case is for the deal to eventually pass meaning the UK will leave the EU with a Hard Brexit and the Pound will have to devalue to offset the immediate loss of access to the global trade stage.

Here I am remaining short and continuing to load any soft rallies above the 1.32 handle. We are unlocking the floor after this week, best of luck those who are already positioned and those who are loading!

Thanks again for all the support!
Trade active: By now I hope all here are fully locked and loaded on the sell-side...
Comment: Finally we are breaking down...well done all the cable assassins
Trade closed: target reached

Related Ideas

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out