As I sat here Friday watching the rise in Her Majesty’s pound, I couldn’t help thinking there was a good short trade to be had amongst the noise, waffle and hot air permeating from London and Brussels .
I wrote of my short trade late Friday and also warned of the dangers of opening and holding a new position into the weekend. I took my own advice and closed out half before I went to bed and added back at the Sunday open. Opening gaps after a weekend can be wonderful if you are holding the right side of them, and a complete nightmare if they were to jump your stop loss at market open .
It’s setting up to be another fun week for the pound with plenty of opportunity. I have more of a feeling/belief for selling rallies still, and my bias is for further losses in GBP.
Fridays chart below .
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