Cable Update (GBPUSD)

MPC’s Sentance sounds warning on recovery
The UK economic recovery is ”clouded by great uncertainty” despite the return to growth, as credit remains hard to obtain and public spending is slashed but inflation remains too high, a member of the Bank of England’s monetary policy committee warned on Wednesday. Comparing the exit from the recent recession to the UK’s experience of ”bumping along the bottom” after the downturn of the early 1990s, Andrew Sentance, an external member of the MPC, said that it was ”very understandable” that there is still a lot of nervousness and uncertainty about the future pace of growth”.
http://www.forexfactory.com/news.php?do=news&id=217852

eurgbp in abit of trouble...abt to break wkly, daily supports and 1.27 expansion # at 0.8672....gbp pairs gonna push up if it eurgbp breaks dwn

gbp news in 20mins

fibo line 38.2 @ 1.6230

this is my 4h.nice triangle!

I sticking with what I have/short to 15900 area.Sl set.Gonna get some sleep.This time of day always seems slow with consolidation till Us open.Good luck and may the pips be with you

I expect drop from this price but we will see...

I doubt GU will break the resistance line...

Nice job shorts...well those who shorted at 1.6230 a day ago.

Now time for me to strap up and head north. (was gearing up from 1.6104)

CBI Realized Sales -8

wow..

The Big guys are still gonna horde the pound imo. (Maybe not now : - ) )

-8 but no move... Shame...

Oh, CBI is too bad -8

From 11 to -8......and not much move yet...maybe need to wait a bit more

LONDON, Jan 27 (Reuters) - British retail sales volumes unexpectedly fell at their sharpest annual pace in 5 months in January as freezing weather and the reversal of the VAT cut depressed demand, a survey showed on Wednesday.
The Confederation of British Industry's monthly distributive trades survey reported sales balance fell to -8 in January from +13 in December, confounding forecasts for a reading of +8 and below retailers' own expectations for a balance of -2.
"The big freeze kept many shoppers away from the January sales and the VAT hike has hit bigger purchases like furniture and electricals," said Andy Clarke, chief operating officer of Asda (WMT.N) and chairman of the survey panel.
"2010 has opened on a weak footing, especially compared to the tail end growth of 2009, but the picture should stabilise in February."

still in the range will repeat the same move

Closed My Longs @ 221

Gone Short At The Same Time !

Back To The Short Scenario !

I was looking at the 240 level and will see the reaction of that level, I have a nice trend line on my Hourly chart that may hold nicely, if she breaks that, then could go north, but I am looking for a nice short at that level.

got to make a stab at yesterdays high just to confuse the picture lol

Cable has hit downward trend line on 1 hour, 4 hour and 8 hour - this together with shocking CBI numbers out of the UK = SHORT @ 1.6220 SL 1.6255. Will decide target when I have some US data..

Time to burn through some shorts...

Most should bail on a break of .70 the real and true willing should bail at 1.6320, pushing it ~30-40 pips higher.



If that does not pan out then buyers are waiting for a better price level, but I cant imagine the market filling all these short orders at once; unless the gbp/jpy tanks.