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

and look at 5sma and confluence that with 50% fibo

EDIT: We are possibly seeing the end of the trend from 210.50.

i think after broken weekly trendline we must see a pullback i 213.50 or 213.60 and then start fall
we are watching only a bullback
real direction south is

EJ looks good to short again but I'll wait for confirmation to open positions as the last low was not significantly lower than the previous one and because I see a head and shoulder formation with MACD on H4 chart.

So I suspect it may go higher than this up to 168.78 or so before down again May be a double top formation or something.

let's just wait and see ...

IMF Cuts 2008 UK Growth Forecast To 1.4% From 1.8%

Wed, Aug 6 2008, 14:11 GMT
http://www.djnewswires.com/eu

IMF Cuts 2008 UK Growth Forecast To 1.4% From 1.8%

LONDON -(Dow Jones)- The International Monetary Fund has sharply reduced its forecast for U.K. growth for this year and next.

In its Article IV review of the U.K. economy, the IMF said it expects the U.K. economy to grow 1.4% this year and 1.1% in 2009.

As recently as its July update of the World Economic Outlook, the IMF predicted the U.K. would grow 1.8% in 2008 and 1.7% in 2009, compared with estimates of 1.6% for this year and next in its April report.

The U.K. government's official estimate is for growth of 1.75%-2.25% this year and 2.25%-2.75% next year although ministers have all but acknowledged those predictions are too rosy amid the credit crunch and rising price pressures.

Many economists believe the U.K. will enter - or come close to entering - a recession in coming months.

However, the IMF forecasts don't see U.K. growth turning negative in coming quarters.

The IMF said that with inflation pressures strong and inflation expectations picking up, IMF staff "do not see scope to ease now. But given output trends and still elevated money market spreads, nor is there a clear case for an immediate increase in the bank rate. Instead, holding the bank rate steady in these circumstances provides a measure of tightening," the report said.

The IMF believes consumer price inflation will peak close to 5% and will average 3.8% this year. It wouldn't return to the Bank of England's 2% medium target until 2010.

On Wednesday, the Bank of England's Monetary Policy Committee starts a two-day meeting. The MPC is widely expected to hold rates at 5.00%.

The IMF report also called on the U.K. not to ease fiscal policy, saying the government is likely to breach its 40% ceiling for net debt to gross domestic product from 2009. The report said that, if anything, the U.K. should accelerate its planned fiscal tightening in 2009 and 2010.

And it said that if government does go ahead with changes to its fiscal rules, these should "support the credibility of the recommended fiscal stance. The 40 percent net debt ceiling (of gross domestic product) should be retained, notably through adoption of a clear and short horizon to bring debt back under the ceiling following a breach."

The IMF also said it believes U.K. house prices will fall some 15% peak-to-trough over two years. Home prices started to drop in the second half of last year.

The IMF believes the impact of house price declines of this magnitude on the U.K. economy will be "contained," with lower prices having only a modest impact on consumer spending.

"The substantial cushion of equity in housing built up over the past housing boom, and-relative to the early 1990s - the low share of outstanding mortgages contracted at the crest of the market are reassuring."

The report said sterling is likely to continue to depreciate in the period ahead, adding to upside inflationary pressures.

-By Laurence Norman, Dow Jones Newswires

UC

Hi...Guys.....

I have indicator but i dont know is it good or not cause i've already got.

perhaps we can share how it usefull or not..

there is 14 files ex4 and 1 template. here is the seven ex4 first

Thanks...

Will GJ reach 217? if not 215 also good

Here is the seven ex4 (second)

And here is the template

OIL is just giving it up! taking EUR down with it. Well done Q with your prediction. However I still think we are up for a major retracement on EUR but if the comments from the EU FED tomo are dovish forget about it EUR is going to tank like there is no tomorrow. I get the feeling that the EU is going to cut rates next month I have a note pad on my screen here that I posted a few months ago.

3rd quater US recovery
3rd quater EUR down
ECB might cut rates in Sept.


Looks like its coming to fruitation

Now I have to wait until QQE 1hr crosses.

looking to go short I see?

Short at ~213 worked well for me in the past. I'm joining the bear camp for a bit

B

Yes, but not now. Too soon to tell.

i will believe in shorts only when i see the supporting daily trend line broken. i said it a couple of times already... from my point of view, we must assume we are in an uptrend until proven otherwise. and so far, i haven't seen any signs that a downtrend has begun.
yes, weekly chart suggest that a nice drop is coming. whether it will be only a retracement to 201 area or a continuation to below 192, remains to be seen. but we're talking about weekly chart and this takes a LOT of time to mature. do you dare taking trades on g-j using weekly chart??? i don't ... daily and 4h are enough for me.
here are the charts.
and by the way, london closed and pushed it higher. i don't think it will go below 212.40 until tomorrow...

Bounce off the Weekly and 200 MA for resistance at ~213.65.

Daily chart

from Auslanco's rules we are in an uptrend however 1Hr price is too far from 50 line QQE for entry so we should wait for 1Hr to become bearish to enter as long as 4Hr remains over GANN? am I reading this correctly?

by the way Karmostaji how hit SL on that short?

lol @ how

It shot my trade in the head, it's part of the game

Looks like everything yen pair is on steriods

yes. it is low.

but it is high if it appears above a serious resistance