Donald Trump will enter the White House on Friday but the British PM, May, is taking all the attention this week. Today started with the forex market positioning against the USD, but now the main event has taken over.
Theresa May delivered her Brexit plans and they weren't far off the general market consensus. Yet, that was all the GBP buyers were waiting for.
Yesterday, GBP/USD opened with a 200 pip gap, breaking below the 1.20 support level. Right now, the buyers of this forex pair are threatening 1.24.
This rally shows that a hard Brexit has already been priced in, so there were no nasty surprises from May. It's a bit of a relief rally really, which is taking the price to some interesting levels. Soon we'll be looking for a nice spot to sell this pair and probably EUR/GBP as well. So, hang around, guys, just in case we get that spot in the coming trading sessions.
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