Here we can see from the Elliot wave perspective a good example of an expanding leading diagonal. The market is aligned for wave 3 in the sequence to the downside.
From a catalyst perspective, we have a vote on the support of an Art.50 extension today from HoC. This is likely to be approved by the UK today, what is not so clear is whether the EU will allow anything more than a two-month extension (for now the odds are very low).
Meaning we are in the same economic chaotic situation we have been in since the vote; consumers in the UK are going to drown via inflation, GDP will continue to fall, unemployment will tick higher and wages will remain stagnant.
The UK is aligned for a Hard Brexit, leaving the EU without a withdrawal agreement and transition period will push inflation through the roof.
(i) Imported goods will be subject to WTO tariffs
(2) Border disruption will cause shortages and lead to price increases
(3) Weaker currency will increase import prices
This is not going to end well, there is only one direction for the Pound with this scenario. It's time to pay attention once more to the sell-side (i am starting to sound like a broken record!)
Best of luck...
From a catalyst perspective, we have a vote on the support of an Art.50 extension today from HoC. This is likely to be approved by the UK today, what is not so clear is whether the EU will allow anything more than a two-month extension (for now the odds are very low).
Meaning we are in the same economic chaotic situation we have been in since the vote; consumers in the UK are going to drown via inflation, GDP will continue to fall, unemployment will tick higher and wages will remain stagnant.
The UK is aligned for a Hard Brexit, leaving the EU without a withdrawal agreement and transition period will push inflation through the roof.
(i) Imported goods will be subject to WTO tariffs
(2) Border disruption will cause shortages and lead to price increases
(3) Weaker currency will increase import prices
This is not going to end well, there is only one direction for the Pound with this scenario. It's time to pay attention once more to the sell-side (i am starting to sound like a broken record!)
Best of luck...
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Waterfall here...
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It's time to start trailing stops, we are going to see sharp moves here very soon.
