Brexit is only 33 days away and everyone is freaking out about the UK leaving the European Union with “no deal”. Everyone, that is except … the British Pound chart. The chart shows the British Pound starting to break higher against both the US Dollar and the Euro. Some would argue that this strength is the result of a potential delay in Brexit.
But I don’t buy that – when has delay and continued uncertainty been really bullish? No, as Brexit day approaches the likelihood of delay becomes less and less.
There is sure to be volatility as the day approaches (and particularly around any votes in the UK Parliament) but is this a watershed moment, a shift in confidence from Europe to the UK and a major trend change in the British Pound?
Good luck with your Emini trading next week.