Opinions are still divided and there isn't any fundamental clarity about what is the path forward for British economy and the pound. Market has done what it is supposed to do - sell first and ask questions later. Now GBP/USD will gyrate between 1.30 - 1.40 for coming sessions until we get at least a blur picture to look forward and then the sailing towards next 1000 pip will begin. In fact usually in case of pound it is more like space shuttle than sailing. If market eyes, 1.20 or 1.10, it is not going to be a prolonged boring event for sure.
Now good data will be looked upon with suspicion and most probably going to be ignored with an excuse that it was pre-Brexit. While bad data will try to send pound to abyss, pointing towards the inevitable gloomy path forward.
There is no clarity on anything yet but there will be huge opportunities in coming sessions nonetheless. Madness of masses is at full exhibition right now. People who voted for exit are having buyer's remorse and can't adjust quickly with what they have wished for. While 'In' voters are still in disbelief. A perfect recipe for chaos. Ultimately one thing is clear that eventually both sides will be disappointed because solving problem through politics is huge mistake if history is right.
On a personal note, we would like peace, harmony and sensibility to prevail. But alas, the fact is that it is never going to happen. The more we progress more divided we will become because of difference of opinions. We can go on and on but well, this is not the place for that.
So putting on a traders hat, we can definitely say that now the fun time begins ! ;)
Now good data will be looked upon with suspicion and most probably going to be ignored with an excuse that it was pre-Brexit. While bad data will try to send pound to abyss, pointing towards the inevitable gloomy path forward.
There is no clarity on anything yet but there will be huge opportunities in coming sessions nonetheless. Madness of masses is at full exhibition right now. People who voted for exit are having buyer's remorse and can't adjust quickly with what they have wished for. While 'In' voters are still in disbelief. A perfect recipe for chaos. Ultimately one thing is clear that eventually both sides will be disappointed because solving problem through politics is huge mistake if history is right.
On a personal note, we would like peace, harmony and sensibility to prevail. But alas, the fact is that it is never going to happen. The more we progress more divided we will become because of difference of opinions. We can go on and on but well, this is not the place for that.
So putting on a traders hat, we can definitely say that now the fun time begins ! ;)
