Posted 1 year ago
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Ahh, the joys of Brexit !
I would say GBPUSD and possibly even EURUSD should either move lower or be range bound over the next 2 to 3 months at least. My logic is fairly simple - no major good news from UK or the rest of the Euro zone is expected in the next 2-3 months. On the other hand, there is good scope for more bad news - slowdown or anticipation of slowdown, companies provisioning for Brexit related events, some companies slowing down fresh hiring in the Euro zone due to the prevailing uncertainty/fear regarding Brexit, etc.
Hence, chances of upward movement in GBPUSD and EURUSD are rather low. Still, some short term upward movement, followed by a quick correction, cannot be ruled out.