Fallout from post Brexit. GBPUSD waffles back and forth but a touch more bullish on the day after support holds.
Morgan Stanley has picked Frankfurt as their new trading hub.
Goldman Sachs is also scouting out Frankfurt in a post Brexit exodus out of London.
The UKs Brexit decision has forced global banks to establish new bases inside the European Union in order to secure continued access to clients in the region.
It is reported that Goldman Sachs is considering moving as many as 1,000 employees. Estimates are that London is set to lose as many as 30,000 financial services jobs after Brexit. This is according to the Bruegel think tank.
Meanwhile the GBPUSD is trading in a sideways 42 pip trading range that has seen the price trade above and below its 100 hour MA at 1.30314 but hold above the 38.2% of the move up from the July 12 low at 1.3005 (and the natural 1.3000 level). The pair is also currently above the highs from June 30/July 3rd at the 1.3023-287 area. So, the buyers are still holding the control above these support levels.
