Sterling has been blasted lower after BoE governor Carney cast doubt on a previously pretty-much-expected UK May rate hike. The EU's rejection of Britain's latest Brexit-Irish border plan only served to deepen the rot.
Squawk / 19 June 2016 at 19:29 GMT
Hypothesis Testing
United Kingdom
Suggest being a bit aggressive with your trailing stop due to the ''event risks'' that are present this week.
Trade structure as attached

Pre market suggest a move above 1.44+ so a good profit for the turned trade as suggested but this could be a final exhaustive move.
fxtime fxtime
Update I am adjusting my stop to a far tighter stance now to astonishing rally overnight and I suspect totally unsustainable.....I will turn the trade at the above point fwiw. (Also if the trade is turned a 50pip stop will be used).
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Amazing 1.4530 wasn't hit so stop adjusted to 1.45850
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Hmmm at 1.4680 on spot just now and I am covering here. Rarely do you see such magnitude of move and I definitely do not want to chase this market upwards as expect some rapid profit taking to occur. Therefore cashing my trade in now. Not sure where is best to short yet but the 1.45850 order remains so will leave that for the moment awaiting a fill but hope to adjust that later today.


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