Whats happened to the Great British Pound
Living in the UK, I should have known to stay away from this pair, It was my intention but I thought we had until the end of the month at least. With the BREXIT gathering some volatility pace in June until the referendum on the 23rd. Its kind of funny the 23rd has always had a significance in my life. with some major events seeming happening on this date. Its an old habitual reference I tend to ignore now as I truly believe thoughts become things. As the saying goes “as a man thinketh, so is he” both referenced in the bible and many other self-help mentors.
So when I still traded the pound this week with automatic entry positions, it came as a big surprise when the pound rallied hugely on Wednesday, I think to most peoples surprise. it was an interesting event one reported many hours after the rally the result due to a poll showing the country at 55% to stay. Funny has the day before it had been reported by the media the leave were gathering pace and for the first time indicating they were in the leed?
Quote: The new Ipsos-Mori poll, commissioned by London’s Evening Standard newspaper, found 55 percent of those surveyed supported staying in the EU, while just 37 percent wanted to leave. Earlier in the day, a YouGov poll had handed the “In” camp a four-point lead.
Just goes to show news should be ignored, its always a story after the event. I suspect there was high institutional buying for some other reason. So this creates a great opportunity to buy back into the pull back, as I suspect not all the orders have been filled. It was too big a move.