Cable Update (GBPUSD)

you can ask the Sultan of Brunei
as you know he can move this market easily

it went short

GBP/USD: BoE Inflation Report Weighs on Pair New York, November 14. It has been a choppy day for Cable with the pair now well off the daily highs by 2.0845 and back under 2.0700. The initial rally seen overnight had been on the back of a renewed negative USD sentiment along with a resumption of global risk appetite and demand for high yielders. However, the rally could not be sustained with the release of the much anticipated BoE inflation report coming in even more dovish than had already been expected. The fan charts in the BoE"s report revealed CPI on target at the crucial two year horizon and allowing for nearly two rate cuts ahead. The MPC"s outlook had been revised to weaker growth in 2008 than had been previously envisaged in the August inflation report. The short December sterling contract came down 2bps as a result and the market has now priced in a 50% chance for a rate cut at the BoE"s December meeting.
Technically, a break below the 2.0645 level will confirm the likelihood of a short to medium term top in place by 2.1160 and a shift in the overall structure for the pair. This will open an immediate retest of the 2.0525 recent lows with an acceleration seen on a break below the latter towards major rising trend-line support just over the 2 handle.
The UK economy remains highly exposed to the ongoing credit and housing crunch, and the BoE has been extremely concerned over the economic outlook into 2008. The US has already had a jump start on dealing with the current market environment and it is our view that as the turmoil continues to spill over into the UK economy, the USD will end up benefiting on a relative value basis with the UK needing to play catch up given their elevated interest rates and slowing economy.

Wazup homies?

Who's shorting?

i repeat these words. i have no clue whats going on from this point, im taking my pips and running.

ABC correction we are in. we are shorting the c wave right now.

very true

where did u get in on the short at?

cable is moving 250+ pips a day, up and down.

GBP/USD: Heavy Selling Seen into London Fix New York, November 14. Cable has come off hard into the London fix with many order books seeing large offers into the European close. Today"s BoE inflation report was even more dovish than market participants had thought it would be, with the MPC"s outlook being revised to weaker growth in 2008 than had been previously envisaged in the August inflation report. As a result, the market has now priced in a 50% chance for a rate cut at the BoE"s December meeting triggering an acceleration in the GBP depreciation. Offers in the Euro above 1.4700 have prevented the major from establishing fresh highs, and this has also helped to weigh on Cable.
Sell stops have been triggered below 2.0600 and dealers note heavier sell stops now building down below 2.0525. A break below the latter opens an acceleration towards major rising trend-line support just over the 2 handle

Good bear........don't sleep now please..............

Sh........GU ...............SH............ORT.......

When it broke through the trendline(4hr), target is the daily trendline, or until an impulse bull wave appears.

what come after C and dont tel me D. Do we start with an A again and if so that means price should be going up?

Wassup?

I went offline for the whole afternoon... Now 2MB connection here, that SOB is FAST LOL... (running 500k before)...

ABC correction, looks like. If this is indeed a ABC correction, crack of 0500 is entry, target 2.0300 :surprised

DAMM...your computer is on steriods now.....

If 0470 is cracked I will be watching that 0382 area which is where the cable was hanging around most of October.

HOLLA

ok now arrived Tampa and got florida driving license and US green card....
I log on and you guys have been shoving cable up to 2.11 !!!!!

and now we are talking 2.03...

see-saw stuff indeed....

Still unpacking but with swings like this I will be having a dabble

I reckon cable will go to 2.07 again just so I can buy some more green backs to spend on all this cheap wine

Found my favourite (oops favorite) at 25% the UK price for the same stuff !

but HP sauce and heinz beans are 6 times the price

I can see my trading is going to be 'inspired'

go cable go and gimme 2.07....

Today another 250 up..
Now, i have no idea where this cable go..as i said earlier we might see cable ranging until end of this week before going long again.

I went long at 2.0517 just trying my luck. I'll move my stoploss to BE asap.

You are braver than me.. I am sitting out till the dust settles.. I think the inflation report might add to the resistance for cable.. but i could be talking nonsense :-)

I think the inflation report alreaady clam down. Maybe.. i still not sure the direction now..

Moved my sL to BE.

WASHINGTON - THE Federal Reserve said yesterday that it will make economic projections for longer periods and distribute them more often, in an effort to shed light on the likely path of interest rates and optimal levels of inflation.


The Fed will release economic projections four times a year instead of two and policymakers' projections will cover three years instead of two, the United States central bank said in a statement.

'Providing more information about these forecasts, including discussions of the factors underlying the forecasts and of Fed participants' assessments of the risks to the open market committee's objectives, should improve the public's understanding of the rationale behind the current stance of monetary policy and any changes to that stance,' Fed chairman Ben Bernanke said in a speech at the Cato Institute.

The Fed will publish the expanded forecasts beginning next week with the minutes of its Oct 30-31 meeting, he said.
Next year, the Fed's forecasts will appear with the minutes of the its January, April, June and October meetings, which are usually released three weeks after the gatherings.