In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we look at the prospect of another renegotiation on the backstop for Europe. In particular, we discuss the outcome of last night’s votes and amendments regarding the UK’s withdrawal agreement from the EU.
After rejecting most of the proposed amendments put to MP’s, one amendment narrowly got through. This is the Brady amendment. The upshot of this amendment requires Theresa May to go back to the EU and try to renegotiate the Northern Irish backstop and provide alternatives. The only problem for the British government is that the EU has already said on numerous occasions that there is no possible renegotiation of the withdrawal agreement. So, the next few days should become very interesting indeed.
On the trading front and as a result, we are looking for the pound to continue to weaken. Therefore, we are looking for the EURGBP to break above 0.8758. Also, we are looking for the GBPJPY to break below 142.74 for us to get involved in these trades.
Another Renegotiation on the Backstop for Europe – Full Video Analysis
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