The pound reovers after the Autumn Statement
Aside from domestically important affairs (income tax, home owners, freze on booze prices etc), there hasn’t been to much to talk about. As expected there were lower forecasts, and they came in lower than the general feeling on the street. That was the main driver of the drop in the pound as we watched how Gilts reacted, and some sector stocks. As mentioned in the preview, GBP would be a follower to other flows, not a leader and now we’re out the otherside, and Hammond hasn’t caused any waves, we’ve see the quid right back where it started at 1.3249 1.3271.
GBPUSD 15m chart
Now the economists will crunch all the numbers and tell us how good or bad this budget is. We’ll get all those headlines from the press later and overnight as they go to print on the front pages for tomorrow.
Typically, as I type, cable has just broken the highs to 1.3271 as we get more unwinding of possible pre-budget risk pricing. I see nothing here to change the landscape for the pound so I’ll be watching the levels I highlighted in the earlier post. I am still feeling bullish about the pound into December and possible positive Brexit news but I’d still like a proper dip to get into.
Philosophy: “Don’t be a Dick for a tick”
Read how Ryan got into trading here
- The last NFP competition of 2022 - December 1, 2022
- Will this month’s US NFP be a horror show? - October 4, 2022
- US NFP competition – Do you think there’s going to be a turn in the US jobs market? - August 31, 2022
I took some gbpchf long but don’t like the move of the usdchf…. broke the support… long gbpjpy too, same case.
USD is looking a bit soft across the board. USDJPY is down at quite a big support area, and we’ve that big expiry at 112.00. It’s a bit of a knife edge down here.
Yap it’s why I took another long usd jpy since the support. This morning I closed the 112… just a few pips. Long gbpchf just above the 38.2. Long gbpjpy. Long eurchf. and still with my short nzd… I admit I like my open trades 😉 Let’see…. since tonight it should be more quiet.
Closed my uj long, enough with my gbpjpy…. i’m long vs bud…. so 😉
The way it’s looking, if we get a move above 112.00 over the expiry, that could be a good short as the buck looks very weak. It just depends on how much of this drive lower is options related. It was very strong yesterday so there’s a risk it bounces after.
I’m actually quite torn here between the support, the options and the weakness.
Yap… prefer to go long usdchf right now, closed all my positions a part eurchf and this grrrr nzd. It should be a nice idea to have sth like a foro to discuss, not saying trades ideas 😉 just sth to share 🙂
I’m working on something just like that Stephane. Watch this space 😉
Just one thing…. sometimes I give your website to people in fxlive, no matter?
The more the merrier Stephane. My door has always been open 😉
😉