New trade LONG GBP/NZD from 1.6948

This morning we went LONG GBP/NZD before Theresa May’s Brexit speech. With the GBP being crushed on Sundays open ,I had mentioned in a previous post [here] that we may see a GBP bounce post speech should May be not as hawkish as feared. When the  CPI print bettered expectation the GBP was poised for take off in the event of anything remotely bullish from PM May.

“The markets have gapped open on all GBP pairs in anticipation of what May is likely to say on Tuesday so the adage buy the rumour sell the news has to be factored in and opens up the possibility of a GBP bounce if May’s speech is more dovish than anticipated”

This turned out to be the case and the markets liked her 12 point plan [here].

This trade has done well with the price at 1.7279 and looking like we may head higher.

We will examine the position to find a STOP and post details accordingly.



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