Daily Alert – Thurs 19 Dec: GBP continues to drop to “true” reversal point

Mark NugentDaily Alert, Dec 2019

Daily Alert – Thurs 19 Dec: GBP continues to drop to “true” reversal point

The GBP has been falling all week and as such is the trade of the week as identified in the Trading Plan on Monday. The media are attributing this to the possibility of a hard Brexit at the end of 2020. I do not believe this because that possibility is not “new” news – it has always been this way.

I think, as if often the case, that the GBP election-inspired rise actually started well before the election, in fact around the 3rd December when the GBPUSD broke through key resistance. If this is the true “launch” of the rise, then we have yet to see a full reversal and that explains why the GBP is still going down. Of course today’s big miss on Retail Sales has kept traders bearish as well.

I’ll be back tomorrow with a Performance Report for December and the full year.

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