Cable Update (GBPUSD)

Yes I live in England - London - Election will be in April...

2010 wants to feel special too

If makes a new low next station S1 ( 1.5144).

Anybody read this, I also long, was going to average some down, but

after I read that, I just place stop loss below 1.52. I guess they just want

to kill the Pound again, me personally I don't see why is in UK situation

much different than in US?:

"
NEW YORK (Dow Jones)--The U.K. pound is under the gun, and a hunter who bagged big gains against the pound in the past has his sights once more on staggering sterling.

James B. Rogers, the former business partner of George Soros, says sterling is a "basket case," sagging under the weight of a depressed U.K. economy. Soros cemented his place in financial history as "the man who broke the Bank of England," in 1992, earning more than $1 billion in the process.

Rogers predicts sterling could collapse within weeks, he says in a press statement released Thursday. Separately, analysts at UBS say the pound could fall to "$1.05 and below" from around $1.52 where it traded Thursday afternoon, after slipping more than 1% on the day.

If this all sounds familiar, it's because the nearly 20-year-old scene in which financier Soros bet $10 billion against sterling and walked away with a one-day gain of $1 billion looks to be making a repeat performance on the financial theater's center stage.

The U.K. political picture isn't doing any favors for the beleaguered pound: The possibility neither the Labour nor Conservative parties will win a majority in Parliament could lead to American-style gridlock. And if one party scrapes out a win,

it could cut too much from strapped U.K. budgets--hurting the pound; another party could cut too little, also hurting the pound.

Either way, the pound is in Rogers' crosshairs, with his target squarely on the stumbling U.K. economy, which he says will lurch back into recession after being propped by government spending.

All this, when officials in the U.S.--even though it faces its own problems--emphasize they're preparing to eventually suck excess money from the system that was flooded with dollars at the height of the financial crisis.

Compare that to the U.K., where Bank of England officials keep dropping hints that the door remains open to restarting the government bond-buying program--dubbed quantitative easing--even if it's been temporarily paused.

Of course, the U.K.'s neighbors in the euro zone face their own problems, with fiscal profligate Greece spooking markets time and again over recent weeks. But investors know the European Central Bank and the big pockets of Germany likely will cough up the money to keep the common currency stable.

The pressured pound, made a pauper by the lousy U.K. economy, has no such rich uncle.

The pound, then, is "in an extremely bad position for the shakedown," Rogers warns.

He would know.
"

so april is the election..., i read some news and got confuse,...some reference say election will be held on may or july..
and the campaign when be started?

uk - europe - us - bad bad bad!!!!

TP the short here.

I just closed mine +54pips before the news.

Hi Flo, yes 1.5180 was my intended target! lol.

I'll wait til after news now. Depends if it clearly breaks this support at 1.5180 or so. GU seems a little reluctant to go lower.

Yes I closed mine - I am a beginner and got burnt before - so you reckon if it breaks below 1.5180 - it will go down lower - next station at S2 is 1.5138 and S3 1.5069...dont think we will see that one today but it is Friday!!

So Jim Rogers is shorting the GBP, - against what? We're in a different world to when Soros took on the B of E.
If you sell GBP to buy dollars, you're just going out of the frying pan into the fire. Ask the 460,000 U.S citizens who signed on last week. The only reason you have dollar strength at present, is because of U.S market weakness. If the fiscal stimulus works, it will be at the expense of the dollar.
Where does Rogers live?

UK is worse situation compared to the US:

- Higher levels of personal debt

- Similar levels of public debt currently, but the UK's debt to GDP ratio is expected to surpass that of the US in the coming years

- Sterling is not the world's reserve currency, meaning CBs are not as loyal when it comes to mopping up the excess supply of government
debt.

- The US is exhibiting signs of a much stronger recovery from this recession than the UK, which is quite likely to contract in Q1 2010.

On a footnote, it must be remembered the last time that Rogers made such bearish cries against sterling was when cable was trading around the 1.35 handle at the start of last year.

well traders after a nice short trade after the news I am trying a long from 1.5180, just below yesterdays low, not a trade I am recommending nor is it for the faint of heart lol, I have had a very good week so not much riding on it , watching some other pairs in conjunction with this trade the usdchf dropped below its previous days low earlier and has made it back to it , the euro put in new highs and has come back to its high from yesterday these areas can and do get used as support and resistence areas, since they are all happening at almost the same time was another reason plus its wildcard Friday anything is possible lol. Todays open price at 1.5261 will be a 1st tgt 15 pip stop for now . Cheers all and have a great week-end

Good data - I am short - couldn't resist - !

Hope you got out with a few pips, GU looks to be resisting the move to go lower.

You should take a position on the basis of a data release.... Be careful...

EDIT: meant to say, "you should avoid"

Back to sleep I go...

I closed my previous short - and open a new one with tight stop loss - typical me but GDP data is very good - I know sometimes I am impatience!

So much peace in sleeping

I'm slowly building longs @ 1.5190 anticipating a big pullback if not today likely next week.

[quote=Flo7;3502241]I closed my previous short - and open a new one with tight stop loss - typical me but GDP data is very good - I know sometimes I am impatience![/quote]

I, too, sometimes struggle to restrain myself from jumping in too soon.