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Cable Update (GBPUSD)

  • #44,621
  • Dec 13, 2007 12:13am Dec 13, 2007 12:13am
where we are going
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  • #44,622
  • Dec 13, 2007 12:17am Dec 13, 2007 12:17am
So what is the 1st TP, everybody!
Behave like a pro!! Never ever lose yourself in Forex world....
  • #44,623
  • Dec 13, 2007 12:22am Dec 13, 2007 12:22am
Changing SL a few pips on the GREEN Now testing 50% Median.
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  • #44,624
  • Dec 13, 2007 12:23am Dec 13, 2007 12:23am
Quoting Firstboss
Most likely scenario for tonight - a visit to 2.0520, then retrace to 2.0490 until the morning news
, what was this based on?
  • #44,625
  • Dec 13, 2007 12:25am Dec 13, 2007 12:25am
yummmy....bear got a lot of salmons today..hahahaha
money is for living
  • #44,626
  • Dec 13, 2007 12:30am Dec 13, 2007 12:30am
http://i145.photobucket.com/albums/r...Down-arrow.gifLondon is opening soon and it is already tanking....
  • #44,627
  • Dec 13, 2007 12:31am Dec 13, 2007 12:31am
seems like there is a suport line here...
Behave like a pro!! Never ever lose yourself in Forex world....
  • #44,628
  • Dec 13, 2007 12:37am Dec 13, 2007 12:37am
catch those st*pid salmons huhuhuhuhu
money is for living
  • #44,629
  • Dec 13, 2007 12:38am Dec 13, 2007 12:38am
Quoting love_hurt
seems like there is a suport line here...
Testing 30 sma on my chart... Break that one... the next obstacle is the 61.8% Fibbo.
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  • #44,630
  • Dec 13, 2007 12:40am Dec 13, 2007 12:40am
Quoting Bigvick991
http://i145.photobucket.com/albums/r...Down-arrow.gifLondon is opening soon and it is already tanking....
now can smile all the way down...
"Invest With The Insiders, Not The Masses" George Muzea
  • #44,631
  • Dec 13, 2007 12:43am Dec 13, 2007 12:43am
*** Will Britain follow the US into recession?

John Stepek, London

Dear reader

Just when everyone hopes there aren't any more skeletons in the closet, subprime pops back up.

Swiss investment bank UBS wrote down another ?5bn or so of US subprime holdings, on top of ?2bn written down in October. The group will now make a loss in the fourth quarter, and potentially also for the full year.

It will shore up its finances by selling a 9% stake to the Government of Singapore Investment Corporation and 2% to an unidentified Middle Eastern investor, for a total of ?5.6bn.

It's a good thing for wobbly western banks that foreign investors have so much money. And as the economic outlook darkens, there'll be plenty more opportunities for them to spend it...


The US is heading for recession...

A US recession is now seen as likely by Morgan Stanley. The normally bullish Dick Berner reckons that US growth will shrink by 1% a quarter for the first nine months of 2008, as a combination of housing market woes, the rising cost of credit, and weakening employment data result in the "perfect storm" for consumers.
The Johannesburg Securities Exchange All Share Index closed up yesterday, with the Alsi gaining 0.01%. The gold mining index jumped up 3.77% and resources shed 0.43%. Banks gained 0.77% and financials lost 0.53%. Industrials added 0.22% and the platinum mining index gained 0.12%.

London's FTSE 100 Index closed down 0.43%.

The Dow Jones closed 2.14% down and the Nasdaq shed 2.45%.

In Asia, Tokyo's Nikkei 225 index is down 1.94%, while Hong Kong's Hang Seng lost 2.59%.

Brent crude was last quoted at $88.77 a barrel.

Spot gold is trading at $801/oz and platinum was last quoted at $1,460/oz.

British engineer FKI backed up the concern as its shares tumbled 17%, after it warned its sales would be hurt by exposure to US retail. Its parcel delivery, warehousing and baggage handling division, FKI Logistex, has seen sales slump on last year, as US clients delay orders amid fears of a spending slowdown.

In truth, the state of the US housing market is so bad, that the only real surprise is that anyone could have ever imagined that the economy (of which 70% is built on consumption) could somehow scrape through the collapse relatively unscathed.

...but what about Britain?

The big question is - what's going to happen on the other side of the Atlantic? Despite the Bank of England's loss of control of inter-bank lending rates, many people are still pinning their hopes on more cuts to see us through.

But even if more cuts would help, the Bank is in a very tight spot. Inflation remains worryingly stubborn, particularly at the raw materials end. Factory input prices rose by 10.1% year-on-year in November. That was driven by a 18.5% rise in petrol products, a 6.6% rise in bread and pastry products (the highest since July 1993), and a 7.5% rise in the cost of cereals Moreover, manufacturers seem quite happy to pass the costs onto retailers. Producer prices rose at an annual rate of 4.5%, the highest in 16 years.

The assumption is that retailers will not pass on the costs to consumers, as they need to attract customers in the run-up to Christmas. But this ignores which products are actually rising in price. These aren't luxury items we're talking about here - this is food. And shops are already jacking up food prices in response. British Retail Consortium figures for November showed prices rising by 4.3% on an annual basis, driven mainly by food price inflation.

Now the price of other goods - certainly in the run-up to Christmas - may not see a marked rise. Fear of a consumer slowdown in January, and increased competition for a smaller market may also keep a lid on prices of non-essentials. But you can bet that consumers will be feeling the pinch from higher petrol costs, bread and milk costs, and - despite the base rate cuts - mortgage costs, throughout 2008.

The British economy is also built on consumer spending - about the same 70% as in the US. With the own housing market starting to topple, it looks like the US is providing something of a grim road map for Britain to follow. As regular MoneyWeek columnist Tim Price says in the latest edition of his Price Report investment email, "a UK recession in 2008 looks like a done deal".

The question is will SA follow...
  • #44,632
  • Dec 13, 2007 12:47am Dec 13, 2007 12:47am
This came from Moneyweek a South African online financial publicaltion. So what happens if the doller and pound weaken in 2008???
  • #44,633
  • Dec 13, 2007 12:55am Dec 13, 2007 12:55am
I'm with you guys this morning since 2.0465 .. lets make some pips south.
USD Est Non Mortuus
  • #44,634
  • Dec 13, 2007 12:55am Dec 13, 2007 12:55am
all clear to 2.0366??
  • #44,635
  • Dec 13, 2007 12:58am Dec 13, 2007 12:58am
Looks like London is finally waking up
  • #44,636
  • Dec 13, 2007 12:59am Dec 13, 2007 12:59am
Quoting Bigvick991
Looks like London is finally waking up

nope thats paris, london is in an hour, hold on.
  • #44,637
  • Dec 13, 2007 1:00am Dec 13, 2007 1:00am
What is the bottom of this 315 (23.6/76.4 Fib on H1) or lower?
  • #44,638
  • Dec 13, 2007 1:01am Dec 13, 2007 1:01am
hmm...looks like its really a travel to the south...nyum nyum!!
money is for living
  • #44,639
  • Dec 13, 2007 1:06am Dec 13, 2007 1:06am
we need to break 400 level...
  • #44,640
  • Dec 13, 2007 1:13am Dec 13, 2007 1:13am
What's going on!!!!!!!!
Behave like a pro!! Never ever lose yourself in Forex world....
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