Cable Collapses

The pound’s partial recovery during Asian trading hours was due to investors adjusting positions ahead of the comments on Tuesday, as Britain gets set to launch two years of EU departure negotiations.

“Negotiations of this size and importance are bound to involve an element of bluff to ensure that the UK would get the best possible deals,” Stephen Innes, a senior trader at OANDA forex firm, said in a commentary.

“Without actual confirmation of these ‘hard’ measures, we could be viewing little more that sell the rumour, and we may end up buying the fact.”

VIA AFP

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Senior Currency Trader and Analyst at OANDA
Stephen has over 25 years of experience in the financial markets and specializes in Asian currencies at OANDA. After having started his trading career with NatWest Bank, he is currently based in Singapore as a Senior Currency Trader and Analyst with OANDA, focusing on the movement of the Aussie Dollar and ASEAN Currencies. Stephen has an extensive trading experience in Interest Rate Futures, Money Markets and Precious Metals. Prior to joining OANDA, he worked with organizations like Cambridge Mercantile, Nat West, Garvin Guy Butler, Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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