Barnier gives the quid a kicking
If ever there was a more apt example of a tapebomb, this is it. Barnier’s comment that Brexit talks are deadlocked did it for GBP traders and algo boxes. It’s not even that much of an incendiary comment and was followed by more placatory ones straight after.
What’s stopping me from fading this move is that GBPUSD was already looking soggy and heading down, and this comment will be in the UK press for the next two days, and they’ll be putting the boot into the government.
Be very wary if you’re thinking about catching this particular falling knife.
No sooner do I hit the publish button than GBPUSD slips to 1.3141 as EURGBP breaks 0.90 and looks to have run stops up to 0.9021