What happened?!

oil at 59.300, eur/usd @ 1.3180, gbp/usd @ 1.9508 ?!
Did Bush speach made a push in dolar?
should we go long?

A 200 pip drop in cable in a few hours should be a reason to NOT go long.

The ISM index was better than expected, and that did cause a bit of movement this morning -- but it seemed that positive expectations for that report really started things yesterday even.

Buying the GBPUSD is a bit hard for me to stomach. Remember we have the FOMC minutes coming out at 2pm, and that will also move the market. I am not going to be suprised AT ALL if the GBPUSD goes all the way back up to 9600 after those minutes are released (esp. if the minutes say that the US economy is slowing etc).

If the Fed has a lot to say about inflation worries, then we could see the GBPUSD drop all the way through 9500 and beyond. Remember that Lacker dissented, wanting a rate hike, and we'll see how much of an influence he has on the minutes too.

Yesssssss This is the kind of thing I like to hear form you !! And the place too...

What a drop in GBP... and your trade idea for CHF panned out WAY better even !!!

I will wait for FOMC at 1 PM my time to see what happens... But I do not think it matters so much which way things go... there is at least an 83 % chance that the GBP will retrace back to the 23.6 fib... of todays movement ( this from statistics 'goodthings' has charted ) since this is where I will want to take advantage... I will be looking for that...

Also, on daily charts... GBP has now come almost to meet the 62 ema... ( I still like the 5-13-62 system.... it really rocks !!! And when we get there, I say I start to watch for resumption of the dominant up trend

It's already below 9500 level now. Will it break 18 Dec low?

this is to crazy even for me,...i dont want to catch falling knifes,...but it looks like it has settle down,...and i dont know if i am ever gona go long again, if the monthly RSI is over 70 or weekly over 50...ooo no way....

chil outt folks.IT WILL COME BACK UP...do you think ISM manufacturing or FOMC minutes..willl show the reality of dollar..which is doing down from past three years...the drop you seeis cos iof intra day traders at play...but long terms..its the best time to buy..i bet by the end of the month we would touch back to 97's...cool

I agree !!! Just let's let it come down a feeeeeeww more pips yet...

true, it might,...but i know that oil has broken 60 level, which was nicly defended by opec for some time now,...so now i dont know if it is going to test the 55 level,...like they said,...they will defend the 55-60 level. and it never did go to 55, but its overbought anyway, so technicly and fundamently it might test it....i dont know about currencies much, but the democrats had win the kongress,...so fundamentally it should stablize, give the strengt to the dolar, like in the past,...and we got two currencies,...so i wont be a milionare any more ...im begining to hate the euros....have nice trading days,...i am on a demo, if i would be on real i would have lost mucho dolaros