Internal social data from trading platform Pelican reveals that UK traders’ confidence in GBP and FTSE over the eurozone are on their way back up to yearly highs.
Following the BoE’s decision to keep interest rates stable, Mike Read, founder of Pelican, the only FCA regulated, mobile first social trading app to combine a CFD and spread betting execution platform with interactive social trading, said: “We’ve seen significant trading support for the FTSE this week and today’s decision from the Bank of England seems to be a vindication of this.
“FTSE and FX traders on our platform are now overwhelmingly backing sterling and the FTSE over the eurozone with longs far outweighing the shorts. Despite the PMI drop earlier today, greater uncertainty on the continent is outstripping any negatives and we’re seeing more confidence in the UK than we have for a long time.
“With the Brexit fog starting to clear and positive news from the Chancellor this week, the UK is starting to shape up as a far better bet than Europe. We expect this trend to continue in the coming months.”