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Thomson Reuters
Nov 27 - 07:24 AM
EUR/GBP - COMMENT-Nearly Crunch Time, But Bet EUR/GBP Rises Whatever Happens
First appeared on eFXplus on Nov 27 - 05:45 AM

The wait for UK lawmakers to vote on the Brexit deal is shortening, but those who trade the pound may do well to bet it will fall against the euro regardless of the outcome.
If the deal is voted down, the pound will suffer from the ensuing uncertainty.
If it passes, any knee-jerk rise by sterling should prove a dip-buying opportunity for the euro, which will benefit as the European Union reaps the reward of the UK's costly divorce settlement.
The potential for EUR/GBP to rise has been massively boosted by the huge change in betting since the UK first voted to leave.
At one stage, EUR/GBP longs were gigantic, but now twice as many bets have been placed on a euro decline as on losses by the pound.
EUR/GBP has been trapped in a rough 0.86-0.90 range since that initially big EUR/GBP play was unwound.
It may stage an explosive break higher towards 0.94-95.

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Source:
Thomson Reuters IFR Markets

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