Trading Plan – Monday 14th June 2021: Delay to reopening hits GBP
The UK wakes up to the unsurprising news that the reopening scheduled for 21st June will now be delayed for four weeks with a review in two weeks. Some in the country huff and puff while many of the furloughed simply get on with the sunbathing. However, the news does cast a pall over the GBP.
The G7 meeting draws to a close to the relief of the Cornish. Notable events included the Queen asking the leaders if they really are supposed to be looking so happy, Macron seeming to be confused when Boris told him that Northern Ireland was not a separate country outside the UK, and Canada’s Trudeau prancing around in light suits and too wavey hair. Also, we have a new initiative: Build Back Better World (B3W) which I assume is a plea for better grammar but may also be a challenge to China’s worryingly successful Belt and Road initiative.
In terms of trading the daily charts, this week I will be looking more aggressively for pullbacks on equities and WTI. I have limited the weekly trading experiment to WTI only as the GBP is a bit off and I am not sure we have a guaranteed weak currency to pair with a strong EUR.
Have a great week. I will be back on Wednesday.
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