Despite concerns regarding Italy’s banking crisis and the potential for the rise of euro-sceptic political parties, the single currency advanced versus nearly all of its major peers. The appreciation can be linked to the combination of positive domestic ecostats and traders taking advantage of the Euro’s comparatively low trade weighting. Meanwhile, the British Pound continues to struggle after domestic data showed Business Confidence slumped. 8490 got hit earlier,a short position looks likely back down to 8400,tight stop losses are the key here.
My view:GBP has to depreciate more to remain competitive,if you read BOE Carneys speech you will get the full picture,there's a 50% chance of UK slipping into recession according to Reuters. 1000 top lawyers signed a petition in London, doubt about the legality of the vote.
snapdragon1970 posted: My view:GBP has to depreciate more to remain competitive,if you read BOE Carneys speech you will get the full picture,there's a 50% chance of UK slipping into recession according to Reuters. 1000 top lawyers signed a petition in London, doubt about the legality of the vote.
I read about the petition. Who knows whether it will work...
EUR/GBP strength in the pound off the Asian open,seeking 8400 for now looks like the next support area,this exit could drag on for 2 years,next speech by Carney will be interesting,Uk wants an informal chat with Merkel over Brexit,that's not going to happen according to reports.10 ways to leave the EU by Dailymail is worth reading.
When Britain triggers “Article 50,” a two year timetable for leaving the EU begins. Davis says the new government should be in no hurry to start the process — despite the impatience on the continent. First, it should consult with all the stakeholders — including the Scots and the Northern Irish, two regions or nations within the United Kingdom that voted to stay in the EU. Moreover, Davis says, delaying will strengthen Britain’s hand in negotiations with the rest of the EU.
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