Trading Plan – Mon 22 July: A big week for the UK and the GBP is already heading down…

Mark NugentJuly 2019, Trading Plan

Trading Plan – Mon 22 July: A big week for the UK and the GBP is already heading down…

A quiet week with little US news and commentary. US equities pulled back from all-time highs. There was little movement in other global equities. WTI fell on profit taking as Storm Barry moved away and Gulf of Mexico production returned. GOLD tried to pull out of its consolidation zone but failed on the Friday. In the currency markets, the main movers were GBP (down) and NZD (up).

This week sees the installation of a new PM in the UK and the continuation of Brexit hysteria. Risks to the GBP are definitely skewed to the downside and there are multiple strong counter-currencies to pair with the weak GBP.

Australian central bankers are out in force this week. Maybe we will get some clarity on their views on further rate cuts after last week’s poor employment numbers.

The ECB meets on Thursday to set interest rates against a background of recent comments referring to “further easing”.

We were waiting for US equities to pull back and there is evidence this has happened, so I will be looking for the right circumstances to go long.

Have a great week.

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