Cable Update (GBPUSD)

what the result of GBP news?

http://www.hm-treasury.gov.uk/press_117_09.htm

stopped out lol

short now?

I think to early to short from now..I'll be waiting 1-2 hours for strong bears signal..

"UK CHANC DARLING] begins the Pre-Budget Report (PBR) by saying the govt will maintain the fiscal support until recovery is secured and that he is planning to halve the deficit in 'an orderly way' over the next 4 years. There is growing evidence that global confidence is returning and the housing market is stabilising. He reiterates the UK economy will start growing by end of 2009, ie: this quarter. Darling however says risks to the economy remain across the world and. He confirmed the VAT rate will return to 17.5% (from 15%) on Jan 1 and that he has no other VAT changes to announce. "

So far that's good fot the GBP

The Pre-Budget Report - or PBR - is one of two wide-ranging economic reports presented to Parliament by the Chancellor each year.
It provides a progress report on what the Government has achieved since the previous Spring Budget.
It gives an updated assessment of the state of the economy and public finances.
And sets out the direction of Government policy in the run up to the spring Budget.
This year, the PBR takes place as the global economy recovers from the sharpest and most widespread global downturn for 60 years.
Financial Secretary to the Treasury, Stephen Timms:
We’ve seen over the last year a huge financial crisis, the biggest downturn in the world economy since the 1930s. The impact was felt right around the world, the global economy shrank for the first time since the Second World War.
It’s been a tough time for a lot of families and a lot of businesses. So we resolved to provide real help now, to support families and businesses, to put more money into the economy in order to make the downturn shorter and shallower than otherwise would have been the case.
We introduced tax cuts for working families, we cut the rate of Vat temporarily, we introduced a car scrappage scheme, we provided more help for people to get back into work, more time for small businesses to pay their tax bills.
And it’s working.
Unemployment, the number of home repossessions – much lower than many people expected. And we’re increasingly confident that we will, as we’ve been saying for some time, see growth returning to the UK economy by the turn of the year.
We’ve put the banking system back on a stronger footing, we’ve helped 330,000 people back into work just in the last month alone. We’ve supported so far about 150,000 businesses with more time to pay their tax bills.
There’s going to be some tough choices as there always are at Pre-Budget Report – perhaps particularly as this one. We will make those choices fairly and will continue to support vital public services and will continue to make good investments for the future.

im sure no one can name more than 2 reasons why they want to go short ?? 1hour and above charts ? everything say all the way bullish.

myt target say 1.6550 ,then probably short again till 1.63 ,before the uptrend resume to new highs

thanks for that info..is that mean that cable will liffting up?

Hope you're correct - Nice bounce just above the daily 618 fib. Morning Star on 1 hour, Engulfing Bullish Candle on the 4 hour - All looking bullish - but anything can happen.

probably not right now,but cable will def outperform the rest of the currencies against the $ next year .. slowly but steady

in my opinion downtrend from 6450 to 6160 is the main trend..if the hourly candle closed above 6340 (61.8 fibo ret) could be consider as reversal trend..

woo hoo very nice bulls triangle brake. Go bulls go.

i think there is a sign of dollar weakening again. all usd cross are weakening

Did I hear something wrong? They just announced that all bonuses in UK > 25k will be taxed additional 25%. LOL?

http://twitter.com/hmtreasury/

The Chancellor introduces from today a special one-off levy of 50% on any individual discretionary bonus above £25,000

what a battle for 1.63300

yesterday bears won but bulls are pissed of now

I've exited my long position set yesterday at 1.6330 here at 1.6330

My Position Now Is FLAT.