New Trades coming GBPUSD: Italian crisis to the fore while Turkish economy implodes

Telegraph reports that ITALY may be starting spiral in increasingly deflationary and out of control public debt.

Italy may be teetering on the brink of a "perma-recession" that will see its public debt spiral out of control and bring the future of the single currency into question.

The eurozone’s third-largest economy will see its GDP “flat-line at best'' over the next decade, according to Jack Allen, senior Europe economist at Capital Economics. He added: “In effect, we think Italy will be in a state of ‘perma-recession’ from which there is no obvious escape. Among advanced economies, this would be unprecedented.

The European Central Bank has reached the end of the road. It no longer has the monetary levers or the political authority to launch another ‘shock and awe’ rescue if the eurozone tips into recession.

EURUSD charts: Gravity pulling into abyss

GBPUSD has good support at 1.300 but we see it being tested before the vote today. We see GBPUSD falling to 1.2550 in the next few weeks.

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