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Cable Update (GBPUSD)

  • #30,821
  • Sep 17, 2007 4:18am Sep 17, 2007 4:18am
Is their any fundamental reason why there is sell off of pound vs $ recently ?

I just cant understand the recent move to the downside...
  • #30,822
  • Sep 17, 2007 4:19am Sep 17, 2007 4:19am
Quoting Moe
soros jr here a life jacket it might take awhile before we can rescue you, if your out there lets us know if your still alive.
I miss Soros Jr. and his enthusiasm and optimism
Cable is my sugardaddy
  • #30,823
  • Sep 17, 2007 4:20am Sep 17, 2007 4:20am
plunge protection team not during there jobs perhaps they cause the drop.
If I Go Broke Trying Then I Will die happy.
  • #30,824
  • Sep 17, 2007 4:26am Sep 17, 2007 4:26am
hoho~ short at 2.0007.... make 43 pips ....bye-bye cable ...
  • #30,825
  • Sep 17, 2007 4:27am Sep 17, 2007 4:27am
Quoting melpheos
Is their any fundamental reason why there is sell off of pound vs $ recently ?

I just cant understand the recent move to the downside...
Look up news on Northern Rock...
Consistency and patience is everything
  • #30,826
  • Sep 17, 2007 4:29am Sep 17, 2007 4:29am
Quoting sarama001
ohh no............don't get me wrong. I meant the effect on the currencies. America's crisis affected every currency.
Yes right... But this time, market is waiting for Fed to make a move (tomorrow), that will weight on the dollar side and Trichet has made a tremendous job during the crisis, so euro is not in panic.

The only CB that didn't react to the crisis was BOE. I think those are the reasons why cable is melting down this way.

King decided to hide his head in the sand and this Northern Rock event kicked him in the a**.
  • #30,827
  • Sep 17, 2007 4:35am Sep 17, 2007 4:35am
i can see now another crazy week
If I Go Broke Trying Then I Will die happy.
  • #30,828
  • Sep 17, 2007 4:35am Sep 17, 2007 4:35am
Quoting benssol
anyone long from here?
Well, I take long GBPUSD at 1.9960 plan to hold it until next week if SL not hit - Target profit at 2.0365 or higher - SL at 1.9942.
  • #30,829
  • Sep 17, 2007 4:38am Sep 17, 2007 4:38am
Quoting bputra
Well, I take long GBPUSD at 1.9960 plan to hold it until next week if SL not hit - Target profit at 2.0365 or higher - SL at 1.9942.
A 18 pip stoploss for a 400 pip target? Now THAT is some serious top/bottom picking
  • #30,830
  • Sep 17, 2007 4:40am Sep 17, 2007 4:40am
Quoting Moe
i can see now another crazy week
We are in a crazy month which might turn out to be a crazy season, untill all the leaves fall off the trees
Just Trade It
  • #30,831
  • Sep 17, 2007 4:42am Sep 17, 2007 4:42am
Quoting bohogirl
I miss Soros Jr. and his enthusiasm and optimism

To be or not to be, that's the question
  • #30,832
  • Sep 17, 2007 4:45am Sep 17, 2007 4:45am
Quoting bputra
Well, I take long GBPUSD at 1.9960 plan to hold it until next week if SL not hit - Target profit at 2.0365 or higher - SL at 1.9942.
I'm comming after your stoploss
Another traders money going to my account
Just Trade It
  • #30,833
  • Sep 17, 2007 4:45am Sep 17, 2007 4:45am
Quoting bputra
Well, I take long GBPUSD at 1.9960 plan to hold it until next week if SL not hit - Target profit at 2.0365 or higher - SL at 1.9942.
mee too...long small portion at 1.9968 s/l 1.9928.....buy too early
  • #30,834
  • Sep 17, 2007 4:51am Sep 17, 2007 4:51am
Quoting Moe
i can see now another crazy week
And it started early

AUD and NZD also getting hammered hard.
  • #30,835
  • Sep 17, 2007 4:55am Sep 17, 2007 4:55am
... still on Cable. I haven't posted awhile but I couldn't miss this for the world.

The Northern Rock debacle is a mess that would weigh on this GBP/USD pair and all other sterling cross in the medium term because of public perception. The media 'fear and panic' is a fuel that has no end in sight. Over the weekend, savers were all over the branches, internet and telephone withdrawing their money. The BBC has been a major catalyst on this with various analysts scrutinizing NR every affairs for negativity. Whilst this continues the smell lingers.

However, from a forex trading point of view one still need to exercise caution. I blogged a similar warning out this morning before the UK market open. At the moment, my short entry of 231.51 on GBP/JPY and a limit of 230.20 was filled for me with a few pips before I woke up. For now, I am sitting it out and watching events till US open.

Have a great day.
  • #30,836
  • Sep 17, 2007 4:56am Sep 17, 2007 4:56am
Going through fib levels like inexistent.

This 9922 looks critical to the downside, while daily MACD is about to cross...

SO... Still clueless here.
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  • #30,837
  • Sep 17, 2007 4:58am Sep 17, 2007 4:58am
Quoting Nardino
... still on Cable. I haven't posted awhile but I couldn't miss this for the world.

The Northern Rock debacle is a mess that would weigh on this GBP/USD pair and all other sterling cross in the medium term because of public perception. The media 'fear and panic' is a fuel that has no end in sight. Over the weekend, savers were all over the branches, internet and telephone withdrawing their money. The BBC has been a major catalyst on this with various analysts scrutinizing NR every affairs for negativity. Whilst this continues the smell lingers.
I agree. It's been a shoot first, ask later event....
  • #30,838
  • Sep 17, 2007 5:00am Sep 17, 2007 5:00am
be carefull guys going long you could end up with soros jr, let me know if you need a life jacket il be more then happy to throw you one. there's some strange shit going on right now
If I Go Broke Trying Then I Will die happy.
  • #30,839
  • Sep 17, 2007 5:02am Sep 17, 2007 5:02am
Quoting gmohata
May the force be with you buddy - am not sure what made you go long though.
i have my reasons )
  • #30,840
  • Sep 17, 2007 5:15am Sep 17, 2007 5:15am
"The Fed right now is the economy's mechanic. It put oil in the engine last month. Tuesday it will grease the axles," said CNBC Managing Editor Tyler Mathisen. "The only questions are how much goo it will apply -- a half or a quarter's worth -- and whether it'll be enough to keep the car running smoothly."

Market's sentiment looks too gooey to me


Another view here, which I'm expecting actually...

We sought out CNBC's Jim Cramer for his opinion. Cramer, as you no doubt recall, was among the first (and certainly the most vocal) to call for a Fed rate cut.

"I think the Fed does 25 basis points and the market sells off on that. Then you can buy it," Cramer said. "They're doing the right thing. I think you're going to get a great opportunity. Let it come down" and then buy, he said.
"If it's 50, it's two days of selling, and if it's nothing, don't buy it (the market)," he said.
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