The UK suddenly got interesting again!
Having closed out those EU positions Friday, the GU was looking quite promising towards the close last Friday and so I reset a long position in GU instead. It was a nice move over the weekend and a close out for around +50 pips this morning (my usual target area for 1-hour TF moves).
Having recovered Friday’s disappointing EU fade, this was an inspiring trade, which has cemented my change of focus back to GBP after all these very negative Brexit muddle years!
So SP500, EU and GU continue to be my interests but I am now only going to focus on GBP here on this thread for the near term.
The clear majority achieved by the Conservatives changes the entire landscape for the UK and GBP. At last, we have a parliament and a government that is not restricted to just shouting, discussing and waving hands but without the teeth to make any concrete decisions.
Now the way is clear to get “things” done and it is clear that that is exactly what BJ is intending to do - and fast!
So suddenly the UK is interesting again
This week will be devoted to cabinet reshuffles, welcoming new MP’s, the Queen’s opening of Parliament and probably again introducing the Withrawal Agreement Bill. Last time BJ wanted this passed within about 3 days, but was beaten down - this time it will undoubtedly go through and probably very soon.
Then there are the election promises like the NHS funding, but the key issue after leaving EU (probably) in January, will be the trade deal negotiations with both the EU and the US.
This is all extremely positive forex-related stuff and a huge breath of fresh air to the trading community.