ridethepig | GBP Market Commentary 2020.04.08

Limited coverage lately as @ridethepig is spending more time on calls these days than in my entire career. Trying to get a sense of productivity, expectations and capital structures before making further comments.

On the UK side, the mood is low and with PM Johnson still in ICU it does not look good. All rallies should be sold in cable towards the highs in the range at 1.236x/1.237x. Look to target 1.20xx and 1.15xx extensions at the lows again, invalidation above 1.250x.

The targets come from the same areas as before:

Risk markets are going to struggle as we prepare for a long weekend. Wuhan restrictions were lifted today and will be one to track in the coming weeks, I am expecting another leg lower in Global Equities which will trigger a rush to USD and to shake out all the early dip buyers who are speculating that risk is faded for good and this will be a quick in and out.

Thanks as usual for keeping your support coming with likes, comments, charts, questions and etc!

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