Cable Update (GBPUSD)

0836 GMT [Dow Jones] A 6-3 split vote by the Bank of England to raise QE hasn't gone down well with sterling, with the currency diving to the day's lows after the release of the August MPC minutes. GBP/USD hits 1.6413 from around 1.6470, and EUR/GBP is at the day's highs of 0.8590. (GST)

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They're (GBP and NZD) both seen as barometers of risk, hence the correlation you've noticed.

Becareful Bro...

Partial position closed at 1.6390...... Add 1.5 lots to short @ 1.6490

Here's mine bro... I think 1.6390 / 00 will hold for a bounce. Shorting her ass again @ 1.6490....

Good Luck mate

u belive it will go 1.6200 today ????????????????????????????????????

Wormie, Losers have become winners today bro

For short term, this pair is weak, obviously

for long term, UDX is forming wedge pattern

just a reminder.

regards,
Z

If everyone is going to win, then maybe I am going to lose today...

I agree with you.i have been watching this movements since 2weeks ago,Nzd/Usd and G/U have been sharing sam pattern so well most especially since Monday.I am short on Nzd/Usd.

Zammer, hang on let me look into my crystal ball.... I'm no a mgician, I plan only but my plans are not absolute certainty. I'm only here to look for BEER money

I was also short on nzd/usd. Whats ur TP?

I'm with you...

looks like my 3rd wave never gonna turn up
oh well , lets see where this bear can go


targets anyone? 6378 and 6323 on my chart

No pushing in the line DT...... Take your turn mate, we had ours yesterday

its look like u have a magic ball man..............

MAY BE THIS IS THE REASON..

EVERY THING IS UNDER PRESSURE...
ONLY YEN IS THE WINNER..



Japan emerges from recession

1. <LI class=cnnHiliteHeader _extended="true">Story Highlights <LI _extended="true">Japan's economy grows by 3.7 percent on an annualized basis
   <LI _extended="true">First growth in the world's second largest economy in 15 months
2. Ends the nation's worst recession since World War II

August 17, 2009 -- Updated 0340 GMT (1140 HKT)


TOKYO, Japan (CNN) -- Japan has joined the growing number of major economies that are back in black.
http://i2.cdn.turner.com/cnn/2009/BU...er/art.aso.jpg Japan's Prime Minister Taro Aso's $150 billion stimulus helps nation out of recession.


http://i.cdn.turner.com/cnn/.element...er_wire_BL.gif


Japan's economy grew 3.7 percent on an annualized basis from April to June this year, the first time the world's second largest economy has seen positive growth in 15 months.
The announcement of preliminary figures by Japan's Cabinet Office comes after France and Germany surprised economists last week by posting 0.3 percent growth for the second quarter of the year.
The news that Japan has rebounded -- the hardest hit of the major economies because of its reliance on exports -- gives economists cautious optimism that the worst of the global recession is over.
"The economy has seen a bottoming out of global demand, which has pushed out net exports ... especially in high tech industries and basic materials, such as chemical, steel and so on because of Chinese demand," said Hiromichi Shirakawa, chief economist in Japan for Credit Suisse.
Japan's GDP grew just under 1 percent during the three-month period and trade increased 1.6 percent.



The uptick marks the end of the worst recession in Japan since the end of World War II. Japan's GDP fell at a record pace during the January-March quarter, when GDP was 15.4 percent lower than the same time period last year.
The Japanese economy was buoyed by a historic ¥15 trillion ($150 billion) stimulus package in May, which included unemployment benefits, aid to struggling companies, promotion of green industries and a variety of tax breaks.
"There are many times in the past when tax breaks and fiscal stimulus were offered and failed, but this time around, it worked," Shirakawa said.
Economists expect GDP to continue modest growth through the rest of the year, especially with an expected rebound in global auto sales this quarter. But whether the recovery can continue into the new year after the stimulus package runs its course remains a question.
"Japan's economy still is quite sensitive to global demand ... and for consumer demand to grow on a self-sustained basis still seems unlikely," Shirakawa said

I am waiting for a pulback to establish more shorts atm.
On a longer TF the jury is out whether or not cable shall continue on its down journey. I think it will, but it is difficult to pinpoint a price target.
What interest me is whether the MTD (red 4) will come whith ITD8 due aroung the 24th August, this time or with ITD10 around the 8th September. The red 4 (MTD4) has to be lower then MTD2, for this count to be valid and it can arrive on either of these dates.
ITD -Intermidiade Time Delta
MTD - Medium Time Delta
This count gave me confidence to short yesterday, inspite of it being an up day for cable.

Thanks for your Pro advice BB.

I entered 2 shorts @ 1.6545 almost when you did yesterday and closed @ 1.6408.I had to chicken out.the other is still runing with TP@ 1.6345.

You are the Man ,Senior BB