Reason for the pound going up?

[T-Bone Trader]

Anyone know the reason why?

That was a pretty sharp move from the morning

 

[Pa(b)st Prime]

I'm long some butterflies on the call side so I'm guessing we see 170 quickly.

That said I keep thinking everyday that the bottom is about to fall out.

By and large owning Cable is a de facto long in equities. The market expects any new leg of economic weakness to be worse in the U.K. than the States. So as stocks rally the Pound rallies.

Also the looming Tory landslide will keep a bid underneath.

 

[inks2002]

http://zerohedge.blogspot.com/2009/06/bank-of-england-gilt-buyback-issues.html

Might be a possibility, also good old fashion support and resistance. 1.6200-1.6250 area has strong support this past week.

 

[Ivanovich]

GBP is ready to collapse. I wouldn't be surprised if we actually see intervention soon. Also, big report tonight.

 

[just21]

Mcboomandbust is going soon as the Irish ratify the Lisbon treaty and Bliar is installed as EU president. Pity the poor students who have to learn economics from him.

 

[T-Bone Trader]

Quote from Ivanovich:

GBP is ready to collapse. I wouldn't be surprised if we actually see intervention soon. Also, big report tonight.

Collapse?

It's done nothing but rally since I called 5100 a few weeks ago...

Can't LT-trade this thing - everything must be quick trades

GL

 

[IShopAtPublix]

Quote from Ivanovich:

GBP is ready to collapse. I wouldn't be surprised if we actually see intervention soon. Also, big report tonight.

GBP/USD is not behaving aggressively enough to indicate a breakout on the upside (but is very likely to do so on the down side). In fact it has serious issues staying above 1.65 and the last few days have been anemic. My thoughts attached.

Target: 1.55-1.57

 

[T-Bone Trader]

Quote from IShopAtPublix:

GBP/USD is not behaving aggressively to indicate a breakout on the upside (but is very likely to do so on the down side). In fact it has serious issues staying above 1.65 and the last few days have been anemic. My thoughts attached.

Target: 1.55-1.57

I see an ascending triangle

 

[IShopAtPublix]

Quote from T-Bone Trader:

I see an ascending triangle

We shall see whether the opinion of an experienced chartist short seller carries the day.

Btw you do know ascending triangles may break down on the down side right?

 

[T-Bone Trader]

Quote from IShopAtPublix:

We shall see whether the opinion of an experienced chartist short seller carries the day.

Btw you do know ascending triangles may break down on the down side right?

Just as I said -

The charts are now in a confirmed uptrend (for the short-term at least)

Fully long from 50 pips ago!