dammmm hahah - absolute confirmation of your view now arco
this reversal looks very similar to Jul reversals to me.... viewing daily graphs eg
might wait for some pullback now tho before considering reentry....
and arco I didnt take that profit - it took me heheh
well last nites action confirms a theory that an economic statistic (it was some UK manufacturing report released last nite that made cable fall) will of course affect the price action but mostly doesnt affect the overall trend.
i was spouting that to myself , but unfortunately didnt act on it.
[GBP/USD] continues to prove a difficult play against the Usd with the Pound independently weak, this reflected in the rally for Eur/Gbp. The cross has now broken cleanly above the 200 day moving average at 0.6850 amidst heavy UK fund demand, and a likely 0.6900 extension should build upon demand from the markets more short term focused speculators. Mixed data with the tame 0.3% GDP forecast from NIESR, (slowest since May), balanced to a degree by a more healthy sales report from John Lewis. However, the general signs from recent UK data imply a greater chance of a BOE rate cut again. Thus we have seen the bias to sell Gbp strength persist, the sharp stop fuelled drop from 1.7760 to 1.7710 since Europe's arrival underlining the danger of speculative Cable longs.
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