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Broad Consolidation


BLOCK, 5Y Sale


Breached The 50-day EMA

CABLE: Westpac went long GBP/USD at &1.2855 on Thursday, targeting $1.3200 (or
higher), with a $0.0080 trailing stop, at $1.2770 initially.
- Westpac notes "amendments to the EU/UK draft Withdrawal Agreement may make the
deal more acceptable to EU-27. Passing the draft agreement at the Brexit Special
EU Leaders' Summit would increase potential for an agreed "deal" The amendments
may also increase potential for dissenting MP's to back the deal rather than
face "no-deal" Brexit. This short-term event triggered trade (24-48 hours) could
morph into a medium-term trade (1-3 weeks). Stop to trail spot levels (85 tics)
should GBP/USD rise more than 75 tics from entry." 
- Westpac highlight potential risks as follows "EU-27 might fail to agree
(notably Spain over Gibraltar and France over fishing rights). The EU Summit
could still be cancelled. Even if passed, rejection by DUP and hard-line Brexit
factions of May's Conservative Party could foil hopes of UK's Parliament
supporting and passing the deal. GBP and Brexit remain extremely uncertain and
volatile with risk of stop triggering spikes. Poor liquidity over Thanksgiving
MNI London Bureau | +44 0203-865-3809 |