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Cable Update (GBPUSD)

  • #12,441
  • May 10, 2007 3:02am May 10, 2007 3:02am
Quoting Plutonite
GBP is getting dumped. Very scary stuff. Does anybody have any idea why this is happening right before the news (well an hour or so)? I hate to think some big boys got negative insider info, but I am out of the market until the decision anyway.

Somebody more courageous might want to buy this dip
It appears to me that traders are simply repositioning themselves prior to the announcements. Some Bulls are closing their long positions... just in case; other Bulls are taking advantage of the dip to go long, and so it goes - the tide comes in... the tide goes out.
  • #12,442
  • May 10, 2007 3:09am May 10, 2007 3:09am
iam out

waitting balance trade then may i take it over


any comment will be welcome
  • #12,443
  • May 10, 2007 3:19am May 10, 2007 3:19am
Quoting dd33
This thread sure is getting quiet around Europe session.

Im still in for long at .9942. Looking for scalping few pips before trade balance. Looks like have to stay in for the trade balance. Seems like gonna be a bumpy ride. Lol.
So far the dumping still havent breach back the old resistance-turn-support TL.
Got stopped out
  • #12,444
  • May 10, 2007 3:21am May 10, 2007 3:21am
Haha even the analysts dont know what's happening. It's still falling.

04:20GBP getting shredded across the board ahead of the data ... is this a number leak or simply positioning ahead of MPC?

Edit: If the numbers are good my humble opinion is to make use of the price and buy GBPUSD for all you are worth. But I bet something is wrong. This is not profit taking, or Ive never seen anything like it before.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #12,445
  • May 10, 2007 3:22am May 10, 2007 3:22am
Still hanging there at 1.99515...... and sweating....

7 mins to trade balance
  • #12,446
  • May 10, 2007 3:24am May 10, 2007 3:24am
uptrend has come to an end.
If I Go Broke Trying Then I Will die happy.
  • #12,447
  • May 10, 2007 3:24am May 10, 2007 3:24am
haha! this thing is getting dumped like there is no tomorrow!

Might be a numbers' leak again.
  • #12,448
  • May 10, 2007 3:24am May 10, 2007 3:24am
Quoting Plutonite
Haha even the analysts dont know what's happening. It's still falling.

04:20GBP getting shredded across the board ahead of the data ... is this a number leak or simply positioning ahead of MPC?
stop hunters?????
  • #12,449
  • May 10, 2007 3:29am May 10, 2007 3:29am
Quoting stevetan2010
stop hunters?????
it's a 60 pip move in the middle of London.
  • #12,450
  • May 10, 2007 3:35am May 10, 2007 3:35am
The figures were bad but not that bad.

Profit sellers seem to be buying back in now ahead of news later on.
  • #12,451
  • May 10, 2007 3:36am May 10, 2007 3:36am
sonsof... it was a leak after all. I'm gonna kill somebody. And I wasn't even trading, you guys who were stopped out must feel terrible.

Trade balance data sucked. A lot. But other data was ok, both positive, close to forecast. Can some fundie genius here tell us what is more important to traders in the short term?
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #12,452
  • May 10, 2007 3:36am May 10, 2007 3:36am
Why does it moving up when all the numbers were bad for GBP??? Fockin' hell
  • #12,453
  • May 10, 2007 3:37am May 10, 2007 3:37am
Quoting MarkGavalda
Why does it moving up when all the numbers were bad for GBP??? Fockin' hell
It's old news...now everyone is anticipating the interest rates...
  • #12,454
  • May 10, 2007 3:42am May 10, 2007 3:42am
Master Cesar where are you?,...
  • #12,455
  • May 10, 2007 3:42am May 10, 2007 3:42am
The [POUND] will maintain it softer tone after the clutch of 8.30GMT releases. ...

The [POUND] will maintain it softer tone after the clutch of 8.30GMT releases. A US fund was a seller ahead of the numbers and the striking widening of the global trade deficit to Gbp 7.05bln in March is the main focus after. Although more medium-term type accounts are said to have a bidding interest at 1.9895/00, momentum types will be eyeing the sub 1.9875/80 stops, while the numbers could well encourage even greater supply ahead of 240.00 versus the Yen. Below 1.99, we would be better net dip buyers around 1.9850/60 ahead of the likely 25 basis points BOE interest rates hike to come.
  • #12,456
  • May 10, 2007 3:46am May 10, 2007 3:46am
Quoting RJF
It appears to me that traders are simply repositioning themselves prior to the announcements. Some Bulls are closing their long positions... just in case; other Bulls are taking advantage of the dip to go long, and so it goes - the tide comes in... the tide goes out.


RJF

All traders are not playing on a level playing field.

It is difficult to believe that the usual ebb and flow of the tide
bought about this major dip before the news release results.

Certainly adds weight to the mantra to stay out of trading
until after the major news releases. It would appear
that some lost big bucks here.


  • #12,457
  • May 10, 2007 3:49am May 10, 2007 3:49am
I checked on MT4 news and turns out that they revised the Feb numbers minutes before Mar numbers were released. May be this can answer early questions of what happened???

2007.05.10 10:30:07 *UK Mar Adj Non-EU Trade Balance Was Forecast -GBP4.1B
2007.05.10 10:30:07 *UK Mar Adj Non-EU Trade -GBP4.0B Vs -GBP4.1B
2007.05.10 10:30:07 *UK Mar Adj Global Goods Trade Bal Was Forecast -GBP6.6B
2007.05.10 10:30:07 *UK Feb Adj Goods Trade Balance Revised From -GBP6.8B
2007.05.10 10:30:07 *UK Mar Adj Global Trade -GBP7.0B Vs Revised -GBP6.9B
  • #12,458
  • May 10, 2007 3:52am May 10, 2007 3:52am
Agreed with others. I think we are nearing the end of a major consolidation phase and waiting to see if we get a surprise (50 or 0) which is a realistic possibility. Given all this, I think major market positions will be fairly light and volume is also small, therefore any biggish trades are moving the market 40 pips.
  • #12,459
  • Edited 4:08am May 10, 2007 3:56am | Edited 4:08am
This line is the likely magnet for the moment.
Attached Image (click to enlarge)
Click to Enlarge Name: Daily FXBPUSMUL.jpg Size: 21 KB
  • #12,460
  • May 10, 2007 4:06am May 10, 2007 4:06am
Quoting Plutonite
sonsof... it was a leak after all. I'm gonna kill somebody. And I wasn't even trading, you guys who were stopped out must feel terrible.

Trade balance data sucked. A lot. But other data was ok, both positive, close to forecast. Can some fundie genius here tell us what is more important to traders in the short term?

The only number which came out worse than expected was the Trade Balance. Fundamentally a negative trade balance has a positive aspect to it as well .. it does mean that consumer spending is still high. This will cause further inflation worries for the BOE.

\GM
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