Cable Update (GBPUSD)

oh man, cable could drop until 1.92 right now and I won't place an order until BOE talks. This is crazy, unsane!

Does anybody know what just happened? Did some important guy say something negative about the pound or euro?

its a damn cliff it fell off from, 2 of the weakest pairs are 2 of the worst pairs to trade. Got stopped out tonight for the first time in a long time.....

strange happenings in cableville

You could call this "RISK IN THE MARKET"

Don't get marrie to your positions nAVIN, Just play MM and get in back with better odds.

LONDON (Dow Jones)--As risks of U.K. stagflation rise, the pound's prospects are deteriorating, but sterling may not come under any serious selling pressure until after publication of the Bank of England's latest quarterly Inflation Report later Wednesday.
The report is widely expected to give some indication of how much inflation fears at the bank will delay any further cuts in interest rates.
"We will wait for the Inflation Report to definitely determine our forecast," said Alexis Garatti, a European economist with IXIS Corporate and Investment Bank in London.
Fears of stagflation in the U.K. have grown sharply this week as the latest economic data show the economy slowing much more than expected and price pressures growing more than anticipated.
Tuesday, what ABN AMRO Holding NV described as a "data shocker" included a report from the Royal Institution of Chartered Surveyors that showed the most widespread decline in house prices since the series began in 1978.
This was compounded by a retail sales monitor from the British Retail Consortium in which like-for-like store sales fell 1.5% in the year to April as tighter credit conditions, weaker consumer confidence and falling house prices started to take their toll.
But the dilemma faced by the Bank of England as far as a policy response is concerned was driven home by the latest U.K. inflation data.
First, producer output price data Monday showed a 1.4% rise last month, much more than the 0.6% increase economists had been forecasting.
Then consumer price data Tuesday showed that instead of just ticking up to 2.6% from 2.5% as expected, the annual rate of inflation soared all the way up to 3.0%.
And this may not be the worst. Not only are activity data expected to continue falling, but indications from the country's largest gas supplier, Centrica, suggest that further price rises are on the way, with inflation now expected to rise over 3.0% for the next few months.
So far, noted Sue Trinh, a senior currency strategist with RBC Capital Markets in Sydney, this "interplay between soggy activity data and elevated inflation data has made for very choppy sterling ranges."
But now, despite accelerating inflation, there is a strong argument that the central bank will still have to respond to the slowdown in activity with rate cuts.
"The central question for sterling in the short term...is to what extent will the Monetary Policy committee look through a multi-month period of elevated prices and instead towards economic weakness lasting well into 2009?" asked Gavin Friend, a senior currency strategist with Commerzbank AG in London.
Chiara Corsa, a European economist with UniCredit Markets and Investment Banking in Milan, said the Bank of England Inflation Report "will be crucial to assess the degree of gradualism the Bank of England is willing to adopt."
"While risks to growth will have almost certainly become more skewed to the downside, the question is whether the balance of risks on inflation has shifted to the downside, as a gloomier growth outlook outweighs upside risks coming from a structurally weak pound and persistently high inflation expectations," Corsa added.
Analysts said the Inflation Report could reflect just such thinking.
"The doves on the Monetary Policy Committee will argue that the current slowdown in activity will prove sufficiently pronounced to drag down inflation later in the forecast horizon," said Stuart Bennett, senior European strategist with Calyon Credit Agricole in London.
Thus, any suggestion that the Bank of England can continue cutting interest rates, despite the increase in price pressures, will mean that sterling is likely to come back under pressure.
"Sterling will have little upside but massive downside potential," said strategists at BNP Paribas SA.
Early Wednesday as the market waits for the Bank of England's report, sterling is falling, down to $1.9443 by 0645 GMT from $1.9471 late Tuesday in New York, according to EBS. The euro is a little higher at GBP0.7958 from GBP0.7951.
Tuesday's stronger-than-expected U.S. retail sales numbers continued to buoy sentiment in the dollar, with major equity markets in Asia rebounding and risk aversion declining further. Suggestions from several Federal Reserve officials that the emphasis should now be put on inflation concerns also helped as this suggested that U.S. interest rates may not be cut any further.

i smell something are burning... arghhh.. those accounts.....

Be nice. People losing money and it's not funny.

Nice bull trap completed in g/u and e/u

Well always trade with the trend.

my one also lah, for god sake.

it happens with no SL and this is one pair you need one on

and with news in 30 mins, I am going to go to bed and come back later, it got my SL so tonight it wins and i am done

1.955** Fib retracement (61.8%)
1.9525** Fib retracement (50%)
1.95** Fib retracement (38.2%)
1.945 Last
1.94*** Intraday pivot point
1.935** Fib projection
1.929** Fib projection

abandom Ship!!!

OK sorry. I thought you were making fun of Nav and other people who are long on cable. Hope the beast recovers so you guys can come out.

Testing back side of wedge.

I anticipate another wave down to 1.9360/1.9335 before UP.

we can recover , hit SL kow2 already. my SL 50 pip hit. damed!

Hit the bottom of a 1H channel. Could be time to long???

i know what u mean ..
sometimes in this market u have to hold the positions ..like here right now its hit 4hr trendline and can bounce if i exit here i lose £250 ...

It may recover samething I was thinking Nav its also there in my 1HR

Test, up re-test then up?

here hoping ...

the first 2 buys were the news claiming a victim... wont be doing that again ..i wont ever try trade news again