Daily Alert – Wednesday 16th December 2020: GBP continues to soar

Mark NugentDaily Alert, Dec 2020

Daily Alert – Wednesday 16th December 2020: GBP continues to soar

The GBP is the best performing currency in the G10 by some margin. The index is up 1.7% over the week which is significant for a currency. As I said on Monday, I am trading GBP long aggressively through to year end. My first foray on Sunday night with GBPUSD long netted only 0.7% which was disappointing as the GBP index turned on Monday afternoon. However, I took advantage of the move lower with a second, pending trade on Monday night which was triggered on Tuesday and is currently two times risk in the money. I will make sure tonight’s Fed Funds Rate and Statement does not adversely affect the trade by inflating the USD upwards.

Tomorrow we have the Bank of England’s Super Thursday. It will be interesting to see what they have to say about any potential intervention should there be a no-deal Brexit.

I’ll be back on Friday with videos of closed trades and a review of the week.

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