Markets Still Uncertain Today As Brexit Goes Nowhere
Skerdian Meta • 1 min read
Yesterday Theresa May’s Brexit deal was rejected by the British Parliament. The chances that the deal would pass were pretty small since lawmakers from her own coalition had already declared that they would’s support the Brexit deal, so there was not much of a shock when the vote came against PM May.
Yes, the GBP surged around 200 pips higher but that was expected as a relief rally. Now, we are back where we were, with Brexit still hanging above our heads and without a clear direction which way it might head. So, the markets are uncertain once again today, either hanging around or moving in tight ranges.
GOLD has formed a solid range, bouncing between $1,287 at the bottom and $1,295 at the top. Selling at the top, targeting the bottom of the range is a good idea for Gold traders. GBP/USD rallied yesterday but today it is just hanging around since plenty of fundamental events from the UK are on the way.
The other risk currencies such as commodity Dollars are also trading in a very tight range because the sentiment is either positive nor negative right now. Stocks are a bit better off and there is a chance that they might rally if new general elections are called in Britain, but that won’t last, although I will post another update about this soon. let’s get on with Mark Carney and the UK inflation report.