How the **** has GBP/USD gone UP 200+ points?

[johnfm]

After news of record low interest rates, poor unemployment etc etc - who the fk is buying sterling????????

bks!

[P-Jay]

johnfm said:

After news of record low interest rates, poor unemployment etc etc - who the fk is buying sterling????????

bks!

I guess:

Most of the economic news has been better (or less bad) of late, it's very low. Has to stop somewhere and there's always a bounce after a big fall or climb.

It suits us while we "rebalance the economy" to have sterling lower, but I guess it suits other countries as well so they may be "passively devaluing" their own currency too.

[WWESTY]

Its not sterling....its the dollar getting hit. Talk of oil producers no longer pricing in dollars etc etc

[limpsfield]

The pound rose the most since June against the euro and jumped versus the dollar on speculation policy makers will pause their asset-purchase program next month as the economy shows signs of recovering from the recession.

http://www.bloomberg.com/apps/news?pid=20601083&am...

[johnfm]

Well, learnt some valuable lessons this week.

I was onthe 'right' side of this trade ealier in the week - figuring 1.57~ish was a support level. BUT, pulled the profit out 'early' and thinking that 1.60 was a resistance point went short.

Oh well - need to learn to ride the winners longer.

Oil and cable have KILLED me this week

[ShadownINja]

This pair is good for sudden, bizarre moves. Have fun.

contango said:

The markets are certainly choppy at the moment, slightly intrigued by a short position at 1.60.

The only answer is that it's a psychological thing. It reacted to it yesterday so was good for a scalp or 3.

[g4ry13]

johnfm said:

After news of record low interest rates, poor unemployment etc etc - who the fk is buying sterling????????

bks!

erm....Uk claimant count change forecasted at 25.1k, Actual 20.8k. Looks better to me or did you not catch that yesterday?

[ShadownINja]

contango said:

ShadownINja said:

This pair is good for sudden, bizarre moves. Have fun.

contango said:

The markets are certainly choppy at the moment, slightly intrigued by a short position at 1.60.

The only answer is that it's a psychological thing. It reacted to it yesterday so was good for a scalp or 3.

Apart from you random quoting of my response, do note that I mentioned the need for liquidity and working a very tight stop!
Please lets not get into, "but it held yesterday!"

Personally, although I am aware incremental scalping can work, I feel it is better to wait for a trend, unless you see some decent flow.

best of luck chaps

I just read it that you couldn't see at all why he used 1.6 as a price level to short, that's all.

[auditt]

its very shakey atm
up, down, left right

[ShadownINja]

auditt said:

its very shakey atm
up, down, left right

Well, it was but this evening will sort things out. I predict with 95% confidence that it will go up...




















or down.

[auditt]

lol
well it could go down down down down if boe decide to feed even more money into the systems tomorrow but there is announcement later tonight with regards to the exit to the american economy..

[g4ry13]

erm...don't forget Fed rates are tonight too.

[Fittster]

g4ry13 said:

erm...don't forget Fed rates are tonight too.

Hmm, can't see much chance of a raise in interest rates can you? Six months of weakening the currecy has got a recovery underway.

[auditt]

I dont think america can cut anymore, aint it .25 at the moment?

[g4ry13]

It's not the rates - it's the comments you have to be careful of.

[Fittster]

g4ry13 said:

It's not the rates - it's the comments you have to be careful of.

Like the comments they make to China about maintaining a strong dollar while doing something completely different?

[auditt]

1.66

[ShadownINja]

All the way to $5.

[saleen836]

ShadownINja said:

All the way to $5.

That would be good for paying my bills!

[ShadownINja]

saleen836 said:

ShadownINja said:

All the way to $5.

That would be good for paying my bills!

I'll regret not betting the house on the trade if that happened.