Decision Taken, GBP/USD Closed on Brexit Rollercoaster - Forex News by FX Leaders
Is Britain Leaving or Staying Within the EU?

Decision Taken, GBP/USD Closed on Brexit Rollercoaster

Posted Thursday, May 17, 2018 by
Skerdian Meta • 1 min read

We finally closed the GBP/USD sell signal. This is the forex signal we have been talking about recently. It has been in the red for quite some time, then it turned back in profit this month. At some point yesterday, we were nearly a 100 pip in profit with this one, but Brexit is messing up with the GBP so we decided to end it right here and perhaps get a better selling opportunity higher up.

So, early this morning or late last night depending on where you live, a piece where apparently the British government had decided to stay in the Customs Union with the UE as a last resort to avoid a hard Irish border.

That’s the excuse because the real reason is to keep an open door for trade and business for the UK. It’s not that they don’t care about Ireland and Northern Ireland at all, but that’s what we have heard since this Brexit hype started 2-3 years ago.

GBP/USD rallied around 80 pips, some of which came in the back of some USD selloff as well. This morning though, Reuters published another piece from some unnamed British official which denies the Customs Union with the EU.

GBP/UD started reversing back down so it seemed like our signal was going well again. Well, the decline stopped and the last two hourly candlesticks look like pins which point to another reversal up. Therefore we decided to close this forex signal manually. At least, we will have some peace of mind now with Brexit. As I said earlier, we will keep an eye on this pair to see if we can get another good selling opportunity higher up.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of