https://www.ft.com/content/34ae54c0-e20b-11e6-9645-c9357a75844a The currency jumped after the 11-member court ruled against the government’s claim that it was not required to consult parliament, before then retreating. In mid-session trade it was down 0.5 per cent at $1.2464, remaining under the $1.25 mark, and under levels it held before the decision. Stephen Gallo, European head of currency strategy at the Bank of Montreal, said: “Keep in mind that a loss for the government was already baked in. Therefore, those that bought sterling in anticipation of this ruling may take profit.” The pound hit a month-high on Monday in the run-up to the ruling — taking up around 2 per cent since the start of the year — as investors anticipated the outcome. That rally left the currency vulnerable to selling as the decision was announced. Theresa May, prime minister, pledged in her “clean Brexit” speech last week that parliament would get a vote on the final deal. However, the prospect of deeper scrutiny in Westminster before Article 50 is triggered has helped support the UK currency. One explanation for the pound’s muted reaction on Tuesday was the court’s decision that Mrs May’s government does not have to consult Scotland and the other devolved assemblies before triggering Article 50, removing another potential delay before the start of official divorce proceedings with the EU. p.s. Come on, "the loss for the govt was already baked in", You kidding me... I carried out research on this for about a week and there was no single news report pointing out that the loss was already baked in. Instead, they, including analysts all predict the pound would appreciate upon the verdict. These guys look at words one by one. Just crazy. I did take 3 commercial law papers but man, I did not know hedge funds (or market makers) have lawyers in their trading team. It just left me bad taste in my mouth. Well, I move on ...
Waiting for both USDJPY and AUDUSD to fall(rise) above ma 100. I will then load stop orders Anticipate yen to strengthen more given there was a series of good news on their current account. Definitely a good short According to COT report, Aussie is in bull and has just changed from bear since last week. Definitely a good long Edit: AUDUSD looks a bit vulnerable but market has taken my long limit order which was set close to today's bottom. Stop is the bottom price but I did not set target because AUDUSD will keep on appreciating next few weeks. USDJPY short limit order has been taken too. Stop is at the London session high and target is ma 100 on 30 minute time frame Ps. From today, I will do both tech and fundamental trades together. Both of my trades are in the money. J curve effect ... This is what I focus when I do tech analysis trading