1:32 min and the camera cuts back to Hong Kong. BBC comments are that the local Barclay branch is spreading the word to tempt other banks to buy some sterling. Now nobody will buy a merchandise to sell it later if it is clear that the merchandise will depreciate. Lets keep this in mind.
William probably heard on his squawk box " Barclay trying to sell 10 million pounds" ,or he saw it on his screen, we don't know but since he unloaded all his pounds earlier and is all in dollars he is a serious candidate.
Now, he is not stupid. As a professional, he probably looked at the charts, the levels and the tape. The pound should be at or near support or maybe even bouncing off some level, we don't know for sure, but one thing is certain. He would not buy pounds again if he knew it will be down a few minutes later.
So the bait is out there, Barclay's move is purely speculative and William will regret but he does not know it yet, he think he is doing the right thing.
Interesting how William calls London direct, not the local branch. He seems a little tense while dialing.
1:58 min and the camera cuts quick to Barclay's London Office. A trader called Lewis answers
Cable Chemical Hong Kong
49-54
So only now we have the counterpart currency. Lewis say "cable" we know that William trade GBP/USD but it could be another bank offering marks or something else. I would like to highlight again how the concept of "pre-packed" pairs have not much meaning for bank traders.
So Richard quotes a lower price and only 5 pip spread to really hook Chemical Bank.
As we know William falls for it buying half of what they are offering.
Note how in the morning he started buying 3 million and adding to his positions later. He may be "sure" the pound will rise, or he got a little greedy
.
2:13 and Lewis the trader confirm the order.
Lewis five
William is hooked!
BBC states that because of Richard's supply sterling falls, and in only 10 minutes it is down half of a cent or 50 pips.
So at this point William blew all he did in his morning trade plus some.
William probably heard on his squawk box " Barclay trying to sell 10 million pounds" ,or he saw it on his screen, we don't know but since he unloaded all his pounds earlier and is all in dollars he is a serious candidate.
Now, he is not stupid. As a professional, he probably looked at the charts, the levels and the tape. The pound should be at or near support or maybe even bouncing off some level, we don't know for sure, but one thing is certain. He would not buy pounds again if he knew it will be down a few minutes later.
So the bait is out there, Barclay's move is purely speculative and William will regret but he does not know it yet, he think he is doing the right thing.
Interesting how William calls London direct, not the local branch. He seems a little tense while dialing.
1:58 min and the camera cuts quick to Barclay's London Office. A trader called Lewis answers
Cable Chemical Hong Kong
49-54
So only now we have the counterpart currency. Lewis say "cable" we know that William trade GBP/USD but it could be another bank offering marks or something else. I would like to highlight again how the concept of "pre-packed" pairs have not much meaning for bank traders.
So Richard quotes a lower price and only 5 pip spread to really hook Chemical Bank.
As we know William falls for it buying half of what they are offering.
Note how in the morning he started buying 3 million and adding to his positions later. He may be "sure" the pound will rise, or he got a little greedy
.2:13 and Lewis the trader confirm the order.
Lewis five
William is hooked!
BBC states that because of Richard's supply sterling falls, and in only 10 minutes it is down half of a cent or 50 pips.
So at this point William blew all he did in his morning trade plus some.
So, you think you have rights? LOL
) at 54. Not only a better price but the spread. Now I don't know if the spread was really shrinking or Richard used it to hook him even more.
