sold GBP/USD

Sold half unit GBP/USD at 1.2879


Short half unit GBP/USD at 1.2879; s/l 1.3058; t/p 1.2405

Long half unit EUR/NZD at 1.5549; s/l 1.5533

Long half unit AUD/NZD at 1.0432; s/l 1.0343; t/p 1.0618



As mentioned in my report on Friday, A broad range of activity indicators were weak in the UK over the last week or so, and the Eco surprises index has dropped significantly.

The labour data this week may be key to near-term performance, and CPI next week will also be important.  However, it appears that Brexit uncertainty is only just starting to undermine business confidence and the BoE were premature in warning about rate hikes later this year.

Furthermore, PM May appears to be under increasing pressure, and there are disparate views on how to proceed with Brexit in parliament.  This is likely to further weigh on business confidence and feedback negatively to political stability.

EUR may have stalled for the time being near range highs, and may not drag up GBP.

US employment data were still strong, Yellen this week is likely to reiterate the FOMC position and talk about the case for gradual policy tightening.

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Greg Gibbs,
Founder, Analyst and PM
Amplifying Global FX Capital Pty Ltd