Please be very careful when trading this pair. The spread can be extortionate and will instantly wipe smaller accounts. For example at £1 per point on Friday the spread cost as much as £300 on entry. When the spread is that big you better pray your entry is perfect! I think the best thing to do right now is NOTHING. Wait for it to drop. There will be people so desperate to get in on this that they get REKT. Be extremely careful and wait for a pullback. If there is none then fine you missed it – so will I. But if you go long too early, you could easily get wiped out.

Shorting this pair seems like a good idea but with these spreads and the crazy volatility you better have very deep pockets.