GBP/USD soaring higher....

inspector_monkfish

GBP/USD soaring higher again.
markets like the uk car bail out plan it seems
just rallied from 1.4030 up to 1.4180 in past 45mins.

dealsearcher

What? It's soared up to 1.41? Not so long ago it was just under 2.0! Can't say I am getting too excited. Of course it's better than the 1.35 it had gone down to but not sure it's much to celebrate. UK PLC is still going down the pan so I think it's just a bounce. Probably even a dead cat bounce.

inspector_monkfish

dealsearcher wrote: »

What? It's soared up to 1.41? Not so long ago it was just under 2.0! Can't say I am getting too excited. Of course it's better than the 1.35 it had gone down to but not sure it's much to celebrate. UK PLC is still going down the pan so I think it's just a bounce. Probably even a dead cat bounce.

who said anything about celebrating and getting excited?
anything that moves 6pts in a couple of days is still pretty impressive though

UK plc maybe in trouble, but you need to open your eyes and look at the rest of the world - it ain't so purdy !

dealsearcher

inspector_monkfish wrote: »

UK plc maybe in trouble, but you need to open your eyes and look at the rest of the world - it ain't so purdy !

It's not me. I don't have any effect on the market!

Keep telling those that do though so that the pound can bounce back a bit more! Obviously the Brits are too self deprecating. Trouble is everyone else believes it and forgets what the rest of the world is actually like.

inspector_monkfish

inspector_monkfish wrote: »

some encouraging, better than expected figures from CBI Rtail Sales Balance, has just seen it rally back upto 1.42

needs to get over that 1.4250 level still....

well we've crashed through the 1.4250 level.... currently at 1.4265

next support level is 1.4360 if its going to push on higher....

Barter

Can I ask what effect this is having on the £/€ rate? Is there a direct correlation somewhere in the equation of the 3 currencies?

pennylane99

travel xchange rates are still low though

1.36 at Travelex today

neilbond007

inspector_monkfish wrote: »

well we've crashed through the 1.4250 level.... currently at 1.4265

next support level is 1.4360 if its going to push on higher....

why 1.4360?
I'm obviously watching the $ rate like a hawk and am interested in all these "ceilings".
Thanks in advance

inspector_monkfish

Barter wrote: »

Can I ask what effect this is having on the £/€ rate? Is there a direct correlation somewhere in the equation of the 3 currencies?

gbp/eur is also up a point from around 1.065 yesterday morning, to 1.075 today

not a massive gain, but it shows that GBP is stronger against both the US Dollar and the Euro

inspector_monkfish

neilbond007 wrote: »

why 1.4360?
I'm obviously watching the $ rate like a hawk and am interested in all these "ceilings".
Thanks in advance

its called a fibo level
can't pretend to know a great deal about these, but its what all the technical analyst chaps work out

its like a resistance level that needs to be tripped in order to trigger more buyers into the market place

next is 1.4360
then 1.4415
then 1.4500

if it can't successfully push through these levels, chances are it will tumble back down

it usually takes several attempts to push through these levels, rather than just giving up at the first attempt

last at 1.4282