Cable continues to soar like it’s pricing in an England win
No offense to our Scottish and Welsh readers
The cable bid has been relentless today.
It was briefly squashed on fixing sales but it quickly came back and has been a one-way move that’s now extended to 100 pips. I earlier said that the weekly high of 1.3898 was out of reach before the close but we’re now just 10 pips away.
There’s talk of making Monday a bank holiday if England wins its first major championships since 1966. The game will be played starting at 8 pm in London, which is just as the market begins to awaken in New Zealand.
Of course, Italy is on the other side of the pitch and will have its own reasons to watch and cheer.
One side will certainly be celebrating on Monday with the other despondent.
In the spirit of the event, the EUR/GBP weekly chart is heavy looking but has been dead for months. My bias is certainly lower on a stronger reopening and continued decline in Brexit fears.
Wouldn’t it be something if this chart began a big breakdown just after England won?
Of course, everyone knows that this event is the minor leagues and that Argentina-Brazil is the real weekend main event (go Messi!). But Argentina could win 10 World Cups and there’s still no good reason to own the peso.