Poundsterlingshort
GBPUSD DOWNSIDEGBPUSD
Good morning traders and aren’t we spoilt for choice. It’s been a while since we’ve been in this situation. I want to get straight into it and with recent news suggesting that the UK election is tighter then expected we now have a fresh signal of sellers in the market. The chart presented is a 4H TF and we can see that we’ve pushed up “for no reason” we then had my favorite rejection formation on the Daily TF of 2X shooting star formations (Double confirmation) . This tells me that sentiment is shifting and we can prepare ourselves for a fresh round of sellers and more uncertainty coming out of the UK. Where to will we drop, intraday targets suggest 1.30000 proving for a 160pip trade. A further confluence to note is the Head & Shoulders play.
Manage risk always!
Cheers
Chances of Accidental No Deal Brexit Increased SignificantlyTraders are now aware of the April 12th deadline and that it will be extended into May if Parliament passes Prime Minister May's deal she made with the EU earlier in the month. However, the last deal she presented to Parliament lost by a staggering 150 votes. That's quite a bit to make up in 20 days. And what traders are probably not pricing in yet is the possibility of a no deal Brexit which the chances of over the past 24 hours just dramatically increased. Chances of accidental no deal Brexit were already elevated before Tusk's ultimatum. Overall, I'm now quite negative on every pound pair. Technicals at the weekly view also suggest GBPUSD is a bit overpriced. Here's more words and charts on the topic if you're interested: anthonylaurence.wordpress.com
Chances of a No Deal Brexit Just Increased DramaticallyTraders are now aware of the April 12th deadline and that it will be extended into May if Parliament passes Prime Minister May's deal she made with the EU earlier in the month. However, the last deal she presented to Parliament lost by a staggering 150 votes. That's quite a bit to make up in 20 days. And what traders are probably not pricing in yet is the possibility of a no deal Brexit which the chances of over the past 24 hours just dramatically increased. Chances of accidental no deal Brexit were already elevated before Tusk's ultimatum. Overall, I'm now quite negative on every pound pair. Technicals at the weekly view also suggest GBPUSD is a bit overpriced. Here's more words and charts on the topic if you're interested: anthonylaurence.wordpress.com
Tusk Gives UK an UltimatumNow that we know we have a bit of an extension until April 12th, but that will be extended into May if Parliament passes Prime Minister May's deal she made with the EU earlier in the month which had already lost by a staggering 150 votes. That's quite a bit to make up in 20 days. Overall, I'm now quite negative on every pound pair. Here's more words and charts on the topic if you're interested: anthonylaurence.wordpress.com
May Just Announced Short Extension to the EUThree more months is what's being asked for by May as the UK attempts to muddle its way through this going on three years long political fiasco. I'm sure you're more interested in the technicals, so here's my read: stay away. I won't trade this until there's some sort of a clearer picture of the direction of where Brexit is heading. Right now though, I'm incredibly bearish based on the fact that we are closer to accidentally crashing out the EU with no deal at all than what we are with the UK and the EU coming to an agreement within three months. Imagine if they did come to an agreement that was 1) actually economically sound for both the UK and the EU within three months and that 2) Parliament agreed to vote on. Imagine if that happened in three months after three years of negotiations. It would be the most incredible act of diplomacy, negotiating, and skillful politicking in the history of the UK by far.
My friends, I implore all of you to take a look at Bloomberg's story on the Big Brexit Short. I think it may change the way you view trading this pair and the way price action is moving which is by the way, let's be honest, mostly driven by hedge funds. Here's the link to the Youtube video: www.youtube.com its worth the watch.
