Auslanco - GBP/JPY and GBP/USD (newstrade)

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The Financial Accounting Standards Board is considering delaying the effective date for Financial Accounting Standard 157 for some issuers and in some situations. It will likely decide the matter at next week’s board meeting.

FAS 157 provides guidance for companies that report the fair value of assets and liabilities as opposed to their historical costs. Last month, the seven-member board voted 4-3 not to delay implementation of the standard, with members like Donald Young arguing that current market conditions made fair-value information on financial instruments all the more important for investors
The potential deferrals, however, won’t help companies facing the thorny issue of how to account for hard-to-value securities—notably the investment and commercial banks, most of which have already adopted the standard early.

Instead the board has asked FASB staff to develop potential deferral alternatives in three different contexts, according to FASB practice fellow Brian Stevens:

The board may defer the standard for non-financial assets and liabilities that are not accounted for at fair value on a recurring basis. “Asset impairments and the valuation of assets and liabilities acquired in business combinations are the most common situations that would be affected,” Mr. Stevens said.

Private companies may get an extra year to comply with the standard.

Smaller public companies may also be granted an extension on compliance. The board would have to determine some cutoff threshold based on size or market capitalization. “I would be surprised if they went down that road,” Mr. Stevens said.

Quoting saed

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I tried to send you an indicator called auto pivot that I'm using maybe half an hour ago, but it didn't upload. Any way try thses i think one of them can be set in every session.

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Quoting vinesh2

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GJ just jumped 50 pips any one know what triggered it. DOW jumped up too looks like buyers are trying to keep this thing GREEN two days in a row

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Quoting igmak

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There is triple interest @ 5pm est.

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Quoting quecee5

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I'm hoping for a close below daily pivot myself of 227.88. That would make me feel alot better going into the Asian session.

However, we still have a bit more down side to go. . .

USD/JPY should see short-term support ar'ds 111.15
GBP/USD should see short-term support ar'd 2.0505

Which should put GBP/JPY @ ar'd 227.90's which is right ar'd near the daily pivot point.
Might not happen in this session, we may see it later in the Asian session.
Then all we need is for the bears to take control and push it on down to 225/226 area.

Lets see how this plays out. . .

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