AUTOREFRESH 
Talk of sterling crisis sent the pound plummeting
By Sean Lee || June 30, 2009 at 21:42 GMT
|| 4 comments || Add comment
In case you haven’t read it already, here is an article on Bloomberg with the talk of ’sterling crisis’ which was enough to get traders thinking about why they were sitting long sterling. My guess is that the only reason for being long was “because it’s going up Guv’nor”.
Heavy stops are tipped in the cable below 1.6410 but the buying interest around 1.6420/40 looks pretty solid. My tendency today, after such a big fall overnight, is to trade with a bearish bias. My trading range for the Asian session is 1.6420/1.6545.
Morning! I’m off to bed.
PS Cable’s neatly tucked up between the 100 and 200 HMA’s and the Bolli’s have expanded nicely to setup a large-ish range … I say large-ish as a 300 pip drop ain’t nuthin’ these days. Good luck with it though as it’s spent the last 7 hrs treading water, glug glug.
Hi Blackday. I’ve got no feel for it at the moment so I’m leaving well alone. Schlaf gut!
im short gbpjpy at 158.56, hoping for 157, then 155
cant see why anyone would go long on it right now after GDP and that consumer confidence, and with NFP tomorrow as well. so hoping for a nice drop in advance of NFP, and then a further drop when NFP is worse than expected.
or at least get below 158 so i can take some profit
At least you are getting lots of volatility. I must admit I’m not brave enough to trade stgyen. If cable breaks below 1.6400 then I think we see another sell-off. I don’t think USD/JPY will move too much. Good luck with that DC and I hope you make a fortune!