GBP crosses/Trade Ideas

GBP/JPY: Dipping my toes into the short side trade

Now that the good news of an agreed Brexit deal is built into the price, we turn our attention to the UK parliament and whether they will vote for or against it.

With plenty of political posturing to come, I’m going to speculate that we will start to get some less-positive headlines and I’m going to trade this view via GBP/JPY. I’m dipping into shorts around 140.00 and am hoping that bearish momentum might increase if we start to break below 139.50 in Asia. Given recent volatility, I would not be at all surprised to see a 2-3% move either way so I’m keeping stops tight and will increase and ride this one if I get it right.