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Brexi

ridethepig | GBPJPY ReversalRationale 📌 What we are trading here is dangerous and involves an obligation to bet against the UK economy. What has worth in life is worth risking for. By stepping against the flow here you are staying clear of over extension, and trapping unaware retailers. It is wise to jump the gun at these levels with excellent r:r. Be bold with the swing as 118 acts like a magnet. For those with UK exposure, everything must be cleared at a cost as the Brexit complications carry on and on. The sharp and dispassionate traders can learn quickly to protect as the government causes maximum damage. It is obvious for us (since we have studied the details) that any opposing view which stops an otherwise rationale argument that No-deal is coming should be considered hot air and political spin. This brings us closer to an understanding that in the immediate term, whether you are a Brexiteer or remainer, and whether you choose to subscribe to Johnson and Cummings promises of UK prosperity, the reality is that changes to supply chains and demand are coming as a result of losing market access... At least in the Short-term and that is a FACT. We must in my view, look at the facts that show inflexibility on both sides which will keep GBP on offer. Thanks as usual for keeping the feedback coming 👍 or 👎
Short
by ridethepig
5
Getting ready for a pound move and earning with USDCADThis week is not that much eventful for the financial market however there is an exception - Friday. A block of statistics from the UK, including data on GDP and industrial production. The general slowdown in the global economy, not positive expectations of experts may well come true. The current forecast for UK GDP growth in the second quarter is 0%. That is, too close to the negative zone. The decline in GDP will be a significant and negative signal for the pound. So, we are not sure about its purchase today. Especially when you consider the extremely aggressive rhetoric from the current British authorities regarding Brexit. The thesis "Brexit at any cost" continues to dominate. In general, today for the pound may well be the day of the start of a big move. The fact is that the consolidation at the bottom is clearly delayed. For more than a week, GBPUSD has been fluctuating in a range of 100 pips. This is extremely atypical for a quite volatile couple and, as a rule, is a sign of big movement. The spring is compressed to its limit, and today's data could straighten it, causing a sharp increase in the pound. Today we see the following plan for working with GBPUSD. Weak data and sinking below 1.21 mark is a signal to sell the GBPUSD with minimum targets at a low of 1.20. But if the data turns out to be better than forecasts, the “spring” may straighten in the opposite direction. In this case, a full correction in GBPUSD is inevitable. Therefore, we consider the good data, along with the rising above 1.22, as a strong signal to buy with targets 1.2420. As for other statistics, a large block of data on the Canadian labor market will be published. Our recommendation is to trade on the news. 2-3 minutes before its release, we place pending orders “buy stop” and “sell stop” at 15-20 points from the current price. We are waiting for the data and earn. It is worth noting a certain yuan stabilization - China is trying to show that it was just a demonstration of power and not a currency war. Rising tensions and concerns in global financial markets, demand has grown not only for gold and the Japanese yen but also for US Treasury bonds, traditionally the main object of interest from institutional investors and central banks from around the world. As a result of the growing demand for US treasury bonds, demand for the dollar naturally grows (inverters need dollars to buy bonds). So it seems Trump has outplayed himself. And instead of provoking the dollar devaluation, and increased demand for it and exacerbated the already unpleasant situation for the United States. Nevertheless, we do not plan to change our position yet and recommend selling the dollar on the mid-term and intraday basis. As for our other recommendations, we are still interested in selling the Russian ruble and oil, as well as buying the Japanese yen.
by Trade24Fx