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Trading the GBP pairs during the Brexit decision

  • #21
  • Mar 13, 2019 2:49pm Mar 13, 2019 2:49pm
Quoting Aratap
So another vote for tomorrow right?
Yep
Don't Worry Be Happy
  • #22
  • Mar 13, 2019 3:16pm Mar 13, 2019 3:16pm
No major breakouts yet on any GBP pairs. We are still trading within the same old ranges.

looks like the market is running out of steam and more good news is needed to push the price through the strong barriers.

the candles are big and green but we need fatter ones
Don't Worry Be Happy
  • #23
  • Mar 13, 2019 3:23pm Mar 13, 2019 3:23pm
I think that it forming three drives to 1.344 and will drop after no-brexit. Just my opinion.
  • #24
  • Mar 13, 2019 3:30pm Mar 13, 2019 3:30pm
Expecting a no deal exit by the 29th.

Expecting price to whip like crazy until. Trade small because these next couple weeks are going to be a wild ride.
  • #25
  • Mar 13, 2019 3:49pm Mar 13, 2019 3:49pm
I made on tonights vote. There was about 40 pips on offer
  • #26
  • Mar 14, 2019 7:22am Mar 14, 2019 7:22am
Price action is currently showing a neutral bias and this suggests that the market is not yet ready to rally since there are no good Brexit news.

At current price levels, bulls may not benefit. I expect the price to range for now.
Don't Worry Be Happy
  • #27
  • Mar 14, 2019 8:01am Mar 14, 2019 8:01am
Quoting MrPresident
Price action is currently showing a neutral bias and this suggests that the market is not yet ready to rally since there are no good Brexit news. At current price levels, bulls may not benefit. I expect the price to range for now.
Both support and resistance held. Interesting.
  • #28
  • Mar 14, 2019 12:13pm Mar 14, 2019 12:13pm
Article 50 extension vote at 1815 GMT

Inserted Video
Don't Worry Be Happy
  • #29
  • Mar 14, 2019 12:17pm Mar 14, 2019 12:17pm
Quoting MrPresident
Article 50 extension vote at 1815 GMT
Thanks for the link...how are you positioned for this news?
  • #30
  • Mar 14, 2019 12:22pm Mar 14, 2019 12:22pm
Quoting 4Eyebrows
{quote} Thanks for the link...how are you positioned for this news?
i am in long from earlier this week but i expect a pullback after the vote if it is already priced in by the market

i am still expecting a rally higher in GBP but more positive news is required about Brexit before the March 29th date
Don't Worry Be Happy
  • #31
  • Mar 14, 2019 1:41pm Mar 14, 2019 1:41pm
Article 50 extension vote passed but now the E.U has to approve the request, which might be difficult if the U.K doesn't give a good reason for it.
Don't Worry Be Happy
  • #32
  • Mar 15, 2019 2:11am Mar 15, 2019 2:11am
Quoting MrPresident
Article 50 extension vote passed but now the E.U has to approve the request, which might be difficult if the U.K doesn't give a good reason for it.
I don't think the UK as a good reason for it. This is all just a messy situation got worse
Always ontop
  • #33
  • Mar 15, 2019 8:36am Mar 15, 2019 8:36am
A third meaningful vote next week for May's Brexit deal will be held.

https://www.bbc.com/news/uk-politics-47579033

Quote
MPs voted on Thursday to ask the EU to push the date of Brexit back from 29 March to 30 June if the Commons approves a deal by next Wednesday - allowing time for legislation to go through.
However, if a deal is not agreed by then, EU leaders are contemplating a much longer delay.

Could be positive for GBP over the weekend if the radicals in May's party agree to vote.
Don't Worry Be Happy
  • #34
  • Mar 15, 2019 9:33am Mar 15, 2019 9:33am
Quote
(Reuters) - The British pound was unchanged on Friday at the end of its best week since January, as investors waited for next week's parliamentary vote on Prime Minister Theresa May's deal to exit the European Union.

Sterling has rallied this week - it is up 1.7 percent against the dollar - after British lawmakers voted against leaving the EU without a deal and backed a delay to the March 29 exit date.
The vote against a no-deal Brexit was non-binding, but investors believe Britain will now avert a disorderly Brexit that would severely damage...

such an uncertainty plays good for the pound. but it's difficult to say what would be further. what are your ideas guys?.
  • #35
  • Mar 15, 2019 10:13am Mar 15, 2019 10:13am
Quoting CarlosNorb
{quote} such an uncertainty plays good for the pound. but it's difficult to say what would be further. what are your ideas guys?.
I think that GBP will rally next week once May's third try on the deal vote passes.
Don't Worry Be Happy
  • #36
  • Mar 17, 2019 2:35pm Mar 17, 2019 2:35pm
The next important date this week will be on March 19th due to the Parliament Brexit Vote. This will be the third attempt to vote on May's Brexit deal. If it passes, then GBP will rally much higher. If the vote fails, the the situation could be much more complicated and it is possible that GBP rallies will be sold in the near term.

https://www.theguardian.com/politics...t-could-happen

My strategy for this week is:

1. Wait for the March 19th vote. If it passes, then buy GBP.

2. If the March 19th vote fails, take profit on existing longs and wait until there is more clarity on Brexit.

For this week, my charts are shown below.

GBP/USD

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GBP/CAD

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GBP/CHF

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GBP/AUD

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GBP/NZD

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GBP/JPY

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Click to Enlarge Name: download (5).png Size: 130 KB
Don't Worry Be Happy
  • #37
  • Mar 18, 2019 10:35am Mar 18, 2019 10:35am
Looks like there won’t be a meaningful vote this week as per the latest news.

https://uk.reuters.com/article/uk-br...-idUKKCN1QZ1V5

i would expect more profit taking on GBP pairs this week
Don't Worry Be Happy
  • #38
  • Mar 21, 2019 6:46am Mar 21, 2019 6:46am
More profit taking is expected this week on further bad Brexit related news.

The GBP pairs may further retrace to the harder support levels on the charts that I have posted.
Don't Worry Be Happy
  • #39
  • Mar 21, 2019 5:18pm Mar 21, 2019 5:18pm
Big price spikes in GBP pairs during the last trading session shows that the market is not yet certain what the outcome of Brexit will be. It appears that the no-deal option is still on the table. If the third meaningful vote on the deal were to take place next week and it failed, then that would be negative for the GBP.

GBP may continue to lose value into next week but once the dust clears, I think buying the bottom will be a very profitable trade.

https://www.theguardian.com/politics...-politics-live
Don't Worry Be Happy
  • #40
  • Mar 22, 2019 12:36am Mar 22, 2019 12:36am
Quoting MrPresident
Big price spikes in GBP pairs during the last trading session shows that the market is not yet certain what the outcome of Brexit will be. It appears that the no-deal option is still on the table. If the third meaningful vote on the deal were to take place next week and it failed, then that would be negative for the GBP. GBP may continue to lose value into next week but once the dust clears, I think buying the bottom will be a very profitable trade. https://www.theguardian.com/politics...-politics-live...
Thanks for all the information, please keep it up Mr President. Recent data from UK have been good, but the market isn't going in the direction of the data, is it that brexit overshadowed all other things?
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