Saturday January 21, 2017 - 15:05:38 GMT
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Amazing Trader And Commitment Of Traders GBPUSD Ideas for 23 January 2017 Register for the Amazing Trader
Concerns over the eventual impact of Brexit on the GBP continue to ebb and flow. Conventional wisdom is that the GBPUSD is going to wind up at parity. I never trust conventional wisdom as a predictive methodology. This week ahead sees an important U.K. Supreme Court ruling on Article 50. The steady "devaluation" of sterling since the vote has been an economic stimulus for the U.K.
As for the Commitment of traders data, markets had recently been winding down their GBPUSD shorts until several weeks ago and appear now to be looking for new direction. Stops are still mostly above the market. From a trading perspective, we always keep an eye on EURGBP cross as a barometer of flows in and out of the EUR. These flows often directly impact EURUSD.
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