Buy the rumour, sell the fact
It's a classic and this one rang true today.
For me the moves were all arse about face anyway. How allowing parliament to haggle of triggering article 50 was ever pound positive is beyond me. Should be the reverse. Too many cooks etc.
So the quid, helped by some dollar weakness, rose into the court ruling and then subsequently dumped. The market got what it wanted and there was nothing left in the trade.
If anything, the more important move is in EURGBP which is showing favour towards Europe. The more parliament gets involved in Brexit, the harder negotiations will get, and that falls into the EU's hands. It's one thing for the UK to go to the table with a united front but another when to turn up in the midst of national infighting. That's not to say I trust the government on their own to do the job in hand but negotiating in unity with the rest of parliament is far stronger.
Anyway, that's my brief thoughts on the matter and here's some other thoughts on the pound.
GBP/USD Forecast: Double bottom reversal - ForexLive from Tip TV on Vimeo.
