GBP, Sell the Rummour Buy the Fact? - Forex News by FX Leaders

GBP, Sell the Rummour Buy the Fact?

Posted Tuesday, January 17, 2017 by
Skerdian Meta • 1 min read

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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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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