Cable Update (GBPUSD)

closed long at 9727 for +109 pips

now short same price

i don't think shorts in play yet, me to took 100 pips off the table, i still hold other half to 9790, good luck either way long or short.

=))

wondering what will bernanke said....

How did you know to get in that early?

Bernanke Gives No Clear Signal on Mon Pol Direction Jun 03 / 09:00


By Steven K. Beckner

BARCELONA (MNI) - Federal Reserve Chairman Ben Bernanke Tuesday
embellished his views of the economy but did not signal a clear
direction for monetary policy.

Bernanke, in remarks prepared for the International
Monetary Conference, indicated he is content with the 2.0% setting of
the federal funds rate, saying "for now monetary policy is well
positioned."

However, he said the Fed will be carefully monitoring how economic
and financial conditions evolve and will "act as needed" to meet both
growth and inflation aspects of its dual mandate.

He cited both downside risks to economic growth and upside risks to
inflation, although he said so far core inflation has not been greatly
affected by spiking commodity prices.

Bernanke also made some fairly unusual comments on the depreciating
dollar, saying the Fed and the U.S. Treasury will "carefully monitor"
the behavior of the greenback because of its inflation indications.

Bernanke's comments on the economic outlook were not markedly more
upbeat than they have been in recent weeks.

Bernanke said "the functioning of financial markets has improved of
late, but conditions remain strained and some key funding and
securitization markets have shown only tentative signs of recovery."

"Some borrowers, such as highly-rated corporations, retain good
access to credit, but credit conditions generally remain restrictive in
areas related to residential or commercial real estate," he continued "
Residential construction continues to contract, and the overhang of
unsold new homes remains large, although it has declined some in
absolute terms."

Bernanke said "households continue to face significant headwinds,
including falling house prices, a softer job market, tighter credit, and
higher energy prices, and consumer sentiment has declined sharply since
the fall." He added that "businesses are also facing challenges,
including rapidly escalating costs of raw materials and weaker domestic
demand."

He said domestic weakness has been partially offset by the strength
of foreign demand for U.S. goods and services.

Referencing the Fed's quarterly forecast, Bernanke said "we may see
somewhat better economic conditions during the second half of 2008,
reflecting the effects of monetary and fiscal stimulus, reduced drag
from residential construction, further progress in the repair of
financial and credit markets, and still solid demand from abroad." And
he anticipated "growth picking up further in 2009."

"However, until the housing market, and particularly house prices,
shows clearer signs of stabilization, growth risks will remain to the
downside," he added. "Recent increases in oil prices pose additional
downside risks to growth."

Regarding inflation, Bernanke said it "has remained high, largely
reflecting continued sharp increases in the prices of globally traded
commodities." But he said "thus far, the pass-through of high raw
materials costs to domestic labor costs and the prices of most other
products has been limited, in part because of softening domestic
demand."

"However," he added, "the continuation of this pattern is not
guaranteed and will bear close attention."

He said that if commodity prices will level out, which he said
would be "consistent with our expectation of some overall slowing in the
global economy," would lead to "a relatively rapid moderation of
inflation, consistent with the projections of Federal Reserve governors
and Reserve Bank presidents for 2009 and 2010."

But Bernanke said there is no guarantee that will happen.
"Unfortunately, the prices of a number of commodities, most notably oil,
have continued upward recently, even as expectations of future policy
rates and the foreign exchange value of the dollar have remained
generally stable in the past few months," he said. " The possibility
that commodity prices will continue to rise is an important risk to the
inflation forecast. Another significant upside risk to inflation is that
high headline inflation, if sustained, might lead the public to expect
higher long-term inflation rates, an expectation that could ultimately
become self-confirming."

As for the Fed's policy response, he said it has "eased monetary
policy substantially and proactively to address the sharp deterioration
in financial conditions and to forestall some of the potential adverse
effects on the broader economy."

He said the Fed cut rates aggressively because "a more gradual
reduction in short-term rates could well have failed to contain the
financial and economic problems confronting us."

"For now,," he said, "policy seems well positioned to promote
moderate growth and price stability over time."

But Bernanke added, "We will, of course, be watching the evolving
situation closely and are prepared to act as needed to meet our dual
mandate."

Regarding the dollar, Bernanke said, "In collaboration with our
colleagues at the Treasury, we continue to carefully monitor
developments in foreign exchange markets. The challenges that our
economy has faced over the past year or so have generated some downward
pressures on the foreign exchange value of the dollar, which have
contributed to the unwelcome rise in import prices and consumer price
inflation. We are attentive to the implications of changes in the value
of the dollar for inflation and inflation expectations and will continue
to formulate policy to guard against risks to both parts of our dual
mandate, including the risk of an erosion in longer-term inflation
expectations."

"Over time, the Federal Reserves commitment to both price
stability and maximum sustainable employment and the underlying
strengths of the U.S. economy--including flexible markets and robust
innovation and productivity--will be key factors ensuring that the
dollar remains a strong and stable currency," he added.

Bernanke said the Fed's liquidity provisions have reduced funding
pressures," and said that " together with the increased confidence
created by the assurance that backstop liquidity is available to
eligible institutions, should help to promote an orderly resolution of
current market dislocations."

wow this was the easiest 50 pips ever
and just to clear everything this move was because of previous prayers

The Sunday gap will most likely close for a brief moment later today.
While long entry is risky rght now (unless you already hold a long position in profit).
However, 1.9774 (weekly central) - 1.9778 weekly pivot zone is great for the short entries. Should the price touch 1.98 i will feel even more lucky to enter this perfect short.
Current week's candle will be bearish and should close below 1.9600

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yihaaaaaaaa.........sooooooo strong

tank tank tank... cmon tank

Nice pump and dump, let's see if we can get yesterday's low...

Me looking 1.9642 and buy again

if i wasnt taking a leak
i could have gotten 96 pips instead of 50

omg what just happened to u.s ?

check out euro and commodities

euro is droping hard and swissy is moving up big time