GBP retracing after it dropped bigly on the YouGov poll.
If you are new to trading, take the advice of a veteran billionaire in the game, George Soros: Invest first, investigate later
ForexLive broke the GBP news here: Election: Poll projects UK conservative party to fall 16 seats short of overall majority
We had it before GBP had begun its drop, here is the chart from that initial post:
So, to paraphrase Mr. Soros: Disinvest (i.e. sell GBP) first, investigate later
You'll notice plenty of initial responses were to question the poll. That's the wrong approach. Especially at this time of day when liquidity is at its thinnest of the 24 hour cycle - news can move markets quite sharply. I don't know how often I say this. Not enough?
By all means question the news, but take advice from the trading billionaire - "Invest First, Investigate Later" ... the first thing you want to do is to take the trade. Why? Well, here is how GBP has responded:
Plenty of dollars to me made on a move like that. And what an easy one for ForexLive readers.
Anyway, now we are getting questions on the poll, its methodology, the margins for error in the numbers ... blah, blah,, blah. The usual, and we are seeing a bit of a retrace now.
But don't forget to thank Mr. Soros for how to trade the move on news like this!