JP Morgan Chase & Co is set to shift a staggering $230 billion out from the UK into Frankfurt, Germany under Brexit. With this gigantic transfer, it will be ‘one of the largest banks in Germany’ – Bloomberg reports. JP Morgan is only one of several international banks who have begun ramping up operations in the EU with less than 4 months on the calendar before the Brexit transition deal expires.
Currently, indecision is observed in the GBP/USD pairing with the formation of a Doji candle yesterday. This followed a sell off from 1.3483 to 1.2675 at the 200-day SMA support line (which could point towards seller exhaustion).
Seems to me that indecision is not only limited to the GBP/USD pairing – but to the overall tone of the Brexit deal as well. The question is: deal, or no deal? The world needs to know, already.
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