11 September 2020, GBP/USD
GBPUSD trading plan:
Geopolitical tensions between the UK and the European Union are forcing traders to increase their short positions in the British currency. The EU demanded the U.K. drop its internal market bill by the end of the month or risk jeopardizing negotiations and legal action. The bill, published on Wednesday, seeks to create common rules that apply across the whole of the U.K. including England, Northern Ireland, Scotland and Wales. It would likely clash with key terms of the withdrawal agreement requiring that Northern Ireland, in the post-Brexit period, follow EU rules in order to avoid a hard border with the Republic of Ireland.
Trading recommendation: Sell 1.2840 and take profit 1.2810.
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