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Cable Update (GBPUSD)

  • #109,381
  • Jan 6, 2009 11:37am Jan 6, 2009 11:37am
Quoting Yohay
Can anyone explain this "comeback" of the pound?
I don't find any logical reason for it to leap high above 1.48...
Hey Yohay

there are several really good reasons..even if its reports are poor

 

  1. USD is not showing well...poor reports on the dollar today
  2. The pound is over sold and seen as undervalued even with all the trouble that country has
  3. Its held the bottom support very well..could not break the 4500 level...and with the above conditions... upward it goes
  4. Now with report coming thursday..it will dampen the spirits..but not as much as we may think...I hope it drops to 45 range...and then starts its climb toward testing 5500'ish levels and above...
  5. Do not put too much stock in the rate cut...it may be seen as the boost the UK needed to continue its economic corrective measures.

I will try and not have any orders open during the report
I can not see the Euro and GBP in parity for a long time if it even occurs.

  • #109,382
  • Jan 6, 2009 11:37am Jan 6, 2009 11:37am
Quoting fifo
that's not a LOGICAL reason

no but its an amusing one haha
  • #109,383
  • Jan 6, 2009 11:40am Jan 6, 2009 11:40am
Quoting JammerJams
Hey Yohay

there are several really good reasons..even if its reports are poor[list=1][*]USD is not showing well...poor reports on the dollar today[*]The pound is over sold and seen as undervalued even with all the trouble that country has[*]Its held the bottom support very well..could not break the 4500 level...and with the above conditions... upward it goes[*]Now with report coming thursday..it will dampen the spirits..but not as much as we may think...I hope it drops to 45 range...and then starts its climb toward testing 5500'ish levels...
EURGBP is losing strength and this in turn is giving the sterling a pickup..i never saw this earlier
  • #109,384
  • Jan 6, 2009 11:40am Jan 6, 2009 11:40am
Quoting jamesdarren
Because Pound has pride!! How long do you expect Pound to get punished by the Dollar? Long live the Queen!!!

I say, steady on old chap...selling life insurance to an old bird like that can get your fired as an insurance salesman

I reckon gbp was oversold against the euro but against USD ? Nobody knows how its all going to pan out I reckon

All the experts say my RIO TINTO should not be up 13.5% today and they are sulking

I just sold em , and i will buy em back next week..

There is no logic, so I just shrug and go with it

I am sure somebody will have an answer as to why cable is doing this and they will invent another reason when it dives again
  • #109,385
  • Jan 6, 2009 11:42am Jan 6, 2009 11:42am
Funny how a typical trader perceives the market. A nice clear move up and all I see is shorting this and shorting that.
  • #109,386
  • Jan 6, 2009 11:45am Jan 6, 2009 11:45am
Quoting jamesdarren
Funny how a typical trader perceives the market. A nice clear move up and all I see is shorting this and shorting that.

Yes, it is funny.......if it were a snake, those shorts would have got BITTEN!!
  • #109,387
  • Jan 6, 2009 11:48am Jan 6, 2009 11:48am
Quoting nAVIN2007
EURGBP is losing strength and this in turn is giving the sterling a pickup..i never saw this earlier

Nav, you do not have to look at other pairs to see what the Sterling is doing, just look at its chart.

  • #109,388
  • Jan 6, 2009 11:49am Jan 6, 2009 11:49am
if this is true i wouldnt want to go up against the big commercials

http://www.dailyfx.com/story/chartin...262657236.html
  • #109,389
  • Jan 6, 2009 11:50am Jan 6, 2009 11:50am
Quoting AmeriTrini
Yes, it is funny.......if it were a snake, those shorts would have got BITTEN!!

good call jamie..as usaul
  • #109,390
  • Jan 6, 2009 11:54am Jan 6, 2009 11:54am
Quoting allserene
I say, steady on old chap...selling life insurance to an old bird like that can get your fired as an insurance salesman

I reckon gbp was oversold against the euro but against USD ? Nobody knows how its all going to pan out I reckon

All the experts say my RIO TINTO should not be up 13.5% today and they are sulking

I just sold em , and i will buy em back next week..

There is no logic, so I just shrug and go with it

I am sure somebody will have an answer as to why cable is doing this and they will invent another reason when it dives again...
"Bloomberg" as other "Talking Head Organizations" tend to "at times" create stories just to give reason for currency activity. They seem to have story templates just to give the readers cause and effect. If I read it...then its too late.
  • #109,391
  • Jan 6, 2009 11:55am Jan 6, 2009 11:55am
Quoting AmeriTrini
Yes, it is funny.......if it were a snake, those shorts would have got BITTEN!!
I heard the same thing yesterday about shorts and yet a made over 300 pips on short trades. I made more to the long side yes but it can be traded both ways...
Patience + Discipline - Greed = Success
  • #109,392
  • Jan 6, 2009 11:55am Jan 6, 2009 11:55am
Quoting PipLand
if this is true i wouldnt want to go up against the big commercials

http://www.dailyfx.com/story/chartin...262657236.html
also look at the chart and see how smooth the commercial buying is compared to the choppy retail trading its easy to see the difference lol
  • #109,393
  • Jan 6, 2009 11:55am Jan 6, 2009 11:55am
cable update 1hour chart

there is potential now to 14995!

triangle breakout worked out very well,
Attached Image
Trading is 80% Emotional, 20% Technical
  • #109,394
  • Jan 6, 2009 11:58am Jan 6, 2009 11:58am
Quoting penycae
Good evening from the UK.
Why the surprise at this rally?
did you known this happen today? 400 pips rally?
  • #109,395
  • Jan 6, 2009 11:58am Jan 6, 2009 11:58am
Quoting Infinity
I heard the same thing yesterday about shorts and yet a made over 300 pips on short trades. I made more to the long side yes but it can be traded both ways...
yes for sure, cable has tremondous opp for a day trader/scalper, just have to trade what u see, up or down either way u can make money just a question of getting the timing right.....
Trading is 80% Emotional, 20% Technical
  • #109,396
  • Jan 6, 2009 11:59am Jan 6, 2009 11:59am
Quoting fifo
did you known this happen today? 400 pis rally?
sterling strength against a basket of currencies, notably against the euro
Trading is 80% Emotional, 20% Technical
  • #109,397
  • Jan 6, 2009 12:00pm Jan 6, 2009 12:00pm
There she goes again. I think we gonna see 1.5000 soon
  • #109,398
  • Jan 6, 2009 12:01pm Jan 6, 2009 12:01pm
Quoting fx local
yes for sure, cable has tremondous opp for a day trader/scalper, just have to trade what u see, up or down either way u can make money just a question of getting the timing right.....
yes both work but only if exit is good
  • #109,399
  • Jan 6, 2009 12:02pm Jan 6, 2009 12:02pm
Quoting Atondra
There she goes again. I think we gonna see 1.5000 soon
And we might see 0.89xx on EURGBP soon.
  • #109,400
  • Jan 6, 2009 12:02pm Jan 6, 2009 12:02pm
WHAT THE F**K IS GOING ON WITH THE GBP!!!!! This is Freaking Crazy!!!! This has gotta stop sometime soon!!!!
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