Short GBP/USD still works for me, and will until the whole gilt curve’s moving higher. At the moment though, publicly wondering when it’ll be safe to sell gilts causes people to question my sanity, so I guess it’s still too early for that, let alone giving up on sterling shorts.*
Brexit too has become more of a gradual process. There is a special UK cabinet meeting being convened today to discuss the Brexit agenda with the key issue being whether to continue with Single Market access. This has followed growing speculation that formal Brexit negotiations could commence next spring.
*SocGen maintains a short GBP/USD from 1.3750 targeting a move to 1.25.
*This trade is recorded and tracked in eFXplus Orders.
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