Prelim GDP earlier today came in at an impressive 0.7% against 0.5% expected.
Under normal circumstances this would have sent the GBP across the board soaring.
As it was, at around 13:00 the GBP tanked and even Chancellor Hammond's declaration that the UK was in a better position to negotiate as a result of this unexpected growth did nothing to arrest this bout of Sterling selling.
Its hard to explain this price action though it may have been no more than traders taking profit from positions held pre-release.
If that was the case then this would be a good time to get LONG GBP any pair. GBP/CHF looks nicely set and we can get LONG here with a 20 pip STOP so tonight Carleton Capital are LONG GBP/CHF from 1.2095 with a STOP under the recent low at 1.2076.
Under normal circumstances this would have sent the GBP across the board soaring.
As it was, at around 13:00 the GBP tanked and even Chancellor Hammond's declaration that the UK was in a better position to negotiate as a result of this unexpected growth did nothing to arrest this bout of Sterling selling.
Its hard to explain this price action though it may have been no more than traders taking profit from positions held pre-release.
If that was the case then this would be a good time to get LONG GBP any pair. GBP/CHF looks nicely set and we can get LONG here with a 20 pip STOP so tonight Carleton Capital are LONG GBP/CHF from 1.2095 with a STOP under the recent low at 1.2076.
