Welcome to the new week
Good morning to you all from a cold and icy London. So far, the best trade looks to be leaving the heating on all day.
More Brexit mayhem possible today as May has to present what she’s going to do next with her Brexit plan. That presentation is likely to be non-eventful in itself as the next vote isn’t scheduled until 29th Jan. But, this is the point any fresh amendments can be tabled, so that’s the main direction from which any volatility may come. Expect plenty of headlines. As has been the case in Brexit, the sentiment pendulum has swung back to the bearish side as last week’s positive tones evaporated. I’m back to being neutral on GBP but still think the market is more willing to buy quickly on good news and sell slower on bad.
I’m also bid in NZDUSD into 0.6700. I was interested in this trade last week and perhaps should have started scaling with a 50.0 fib long.
I’m bid closer to 0.6700 now with a tight stop around 0.6680.
A reminder that it’s a US holiday today so we could be in for a quiet afternoon.
Do you have new ideas or are you refreshing old ideas for the new week?
Good luck today and this week.
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