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Capitalising on Pound (£) Weakness
Before GDP figures were released which showed growth despite brexit uncertainty. So how did I make money?
Until of course GDP figures were released yesterday, I closed out my short positions that I had and now I wait until next week for the 2nd of Nov when we'll know for sure if the BoE raises interest rates.
Some analysts had initially aimed for 1.29 as a target for GBPUSD by the end of the year, but now it looks as though we could see as high as 1.36 - 1.40 but the end of the year.
With inflation shooting past its target of 2% and GDP showing signs of growth it seems as though the right path is for the BoE to hike rates in November. If they do hike next month then the best course of action will be to re-evaluate the situation and plan for the new year, as christmas time means low volatility which is what traders need to make money. No volatility means no movement and no money.
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