As usual, this is a very tricky market to trade as we approach next week’s Brexit vote in the UK parliament. The sentiment surrounding the Sterling remains overwhelmingly negative as the market factors in a rejection of the Brexit pre-agreement by UK PM with the EU. I am expecting that any downside risks will steem as a result of Sterling’s demerits vs USD-centric strength. Neither the UK vs US yield spread on the long-side of the curve nor the DXY index offer enough justification to support a sustainable breakout unless is a GBP-induced move. The hourly chart remains extremely choppy, with 1.2680 - 1.2840 covering the near term eventualities for now. The implied volatility in the Sterling continues to highlight volatility ahead. Be reminded that intraday trading in the GBP pairs remains largely dominated by algo trading.
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