Pound wont collapse despite what people think!!! Long gold bars with your benefit £s

[forexpipz]

Watched the news today and I was horrified when Gordon said we can win our way through this. Oh my god. Win! Nice choice of words Gordon. Like our economy relies on gambling to pull us through. What a grade A ***£$£". He stumbled that one out really badly.

Two double DOJIS on the daily close. Definitely looks like a bottom is in place and perhaps a nice bounce before further pound deterioration. Havn't really done my TA just yet but a visual glance favours a nice bounce. Perhaps the 1.53 level will hold out. Forget indicators when a currency collapses. They are totally useless. Price action is what you should be focusing on and watching the intraday noise around key physcological levels will certainly give you more of a feeling to how the market sentiment is developing. Everything is priced in now so a bounce is likely. Instability like this is detrimental to the cable with trade flows both cross atlantic and closer to home. We have a system large enough to absorb it unlike ICELand. Should be an interesting a volatile start to the week. Tensions will rise closer to home given the bleak unemployment figures. Recession doesn't begin to describe it. Better start buying gold with your benefit money.Cant wait...

 

[snake86]

ForexPipz,

The word "collapse" has various definitions, at least in trading activities. The Sterling has constantly lost ground against the Euro since late 2007, and against the Dollar for the last eight months, except for some short term bounces. I would call that the long road down, or collapse, relatively speaking from 2.01 levels.

I certainly don't think we are Iceland, but if the Government keeps borrowing out of its means in funding unnecessary financial institution bailouts, then Mr. Brown better put the IMF on speed dial !

Either way, none of the recent Government and Central Bank actions bode well for Sterling, and yeah, we may have a short term bounce due to recent precipitous drops, but they will probably not last.

On top of that - interest rates in UK are probably going to keep coming down for the next quarter or two and stay there for a long time.

 

[forexpipz]

Its getting to the point where less longer term orientated traders are forced to place support lines on the monthlys. Going back to the 80s. I hope we do not join the Euro. Not because of nationalism but if the world only ever had two currencies then forex would die.

 

[Pippy5000]

Unfortunately forexpipz bullish signals on the charts have been there for days and yet Cable continues to post lower lows.. The UK GDP coming in worse than expected has most likely doomed GBP and any rallies will be due to USD weakness or EUR/GBP cross-action.. Sell any rallies. Don't let patriotism bankrupt you.. I'm a patriot too but when it comes time for the USD to tank I'll be short-selling the hell out of it like I always do.

The UK will not join the Euro because the Euro is in much worse shape. The ECB has made fatal mistakes and it is only now that we see the rewards being reaped. The difference between the UK and the EZ is that the UK has been honest about its financial woes while the EZ has been foolish enough to pretend everything will be alright.. It will not.. US, UK, Japan, Russia and China all having major financial troubles and yet by some miracle the EZ will fare ok??? This sort of attitude stems from reading their media propaganda for so many years and the populace begins to believe it as the truth. It's so incredibly idiotic it is almost a pleasure to take Euro bulls money on the Forex market. If you believe anything the MSM in Germany has to say about anything you deserve to lose your money.

 

[forexpipz]

Euro

You make some good points there.The bounce is coming its just pinpointing in such erratic market conditions is nigh on impossible.

I think we are effed. People who dont trade currencies say oooh we are in recession but it dont feel like the 80s. Lets see what they say next year.

We have four security guards in my local jobcentre - the irony being that as tensions rise and unemployment hurdles, not creeps higher there will be a few more vacancies in the jobcentre itself to employ more secuirty officers to control all the fights.

I would hazzard a guess that a lot of racial tension will also increase here at home given the open border policy to the European union. Last week a man was charged for rape so that he could stay here and get and improve his English whilst getting regular meals and nice lcd tv's in his cell. The best thing about England and America is we are so different but sometimes that difference really does hurt us. Like now for example. We will pay for it very shortly in a bad way.

 

[Pippy5000]

Well the GBP tanked hard in the 80s because of an exclusively British problem. Even then it recovered amazingly quickly. This time around the problems the Uk has are shared by the US. Therefore, reaching 1.04 or whatever it dropped to in the 80s will be far more difficult. There is also the issue of greatly increased trade with the US due to the devaluation of the GBP. This will result in a net outflow of USD which will also buoy the GBP. It's very easy to get worked up and start to feel like the end is near. I felt that way a little bit last year when the USD was getting hammered, however mathematically it is very difficult to kill off a currency. The lower the GBP goes the more bargain hunters we will see. There are quite a few already residing at 1.35 from the USD and JPY sides. We saw them push it up a bit yesterday.

Switching to the Euro after trillions of GBP had flowed out of the UK would be treason by your leaders. Switch now and the wealth which has left the UK will never return. I don't think the Labour party is quite as cozy with Brussels now that a hostile takeover attempt has recently taken place with the move toward EUR/GBP parity. After Trichet invited Britain to join the Euro "if they want" gordon Brown stepped up his pro-British rhetoric and proclaimed a new alliance with America. This was a veiled way of saying "stick the Euro up your asses"..

 

[N Rothschild]

imo Britain should form an alliance with America and distance its self from Europe..historically Britain hates Europe..why should things change now

 

[Pippy5000]

"form an alliance with America "

We've had an economic, political and military alliance since 1915. The 2004-2005 BBC hate campaign was one-sided. There's no such thing as anti-British media or anti-British sentiment in the US

 

[chilltrader]

Pound has already gone down the drain.

Though it likes to believe otherwise, UK is just a wh0re of the US and picked to do its dirty work.

Euro is the one to merge with.

 

[N Rothschild]

"form an alliance with America "

We've had an economic, political and military alliance since 1915. The 2004-2005 BBC hate campaign was one-sided. There's no such thing as anti-British media or anti-British sentiment in the US

sorry let me refrase, form the united states of america and great britain lol

 

[FXSCALPER2]

Well, this one is a doddle really, isn't it? Of course the pound is going to collapse a lot more. If you are not too worried about stupid rallies in the mean time, you can just sell the thing. Easy money ever. I reckon 75 cents.

 

[fx__ninja]

i took a CT long on friday.
expecting a retrace down then possbile strong upside moves if equities find a base.

Watched the news today and I was horrified when Gordon said we can win our way through this. Oh my god. Win! Nice choice of words Gordon. Like our economy relies on gambling to pull us through. What a grade A ***£$£". He stumbled that one out really badly.

Two double DOJIS on the daily close. Definitely looks like a bottom is in place and perhaps a nice bounce before further pound deterioration. Havn't really done my TA just yet but a visual glance favours a nice bounce. Perhaps the 1.53 level will hold out. Forget indicators when a currency collapses. They are totally useless. Price action is what you should be focusing on and watching the intraday noise around key physcological levels will certainly give you more of a feeling to how the market sentiment is developing. Everything is priced in now so a bounce is likely. Instability like this is detrimental to the cable with trade flows both cross atlantic and closer to home. We have a system large enough to absorb it unlike ICELand. Should be an interesting a volatile start to the week. Tensions will rise closer to home given the bleak unemployment figures. Recession doesn't begin to describe it. Better start buying gold with your benefit money.Cant wait...

 

[fx__ninja]

ummm, U.S. is the whore. her name is Colombia. lol

Pound has already gone down the drain.

Though it likes to believe otherwise, UK is just a wh0re of the US and picked to do its dirty work.

Euro is the one to merge with.

 

[Pippy5000]

Though it likes to believe otherwise, UK is just a wh0re of the US and picked to do its dirty work.

redundant drivel from yet another teenage politcal pawn with a demo account..

 

[forexpipz]

redundant drivel from yet another teenage politcal pawn with a demo account..

My sentiments exactly. A bunch of philosopherankers. If you like politics then I'd suggest trading geo-political events. Here's a big one. Oh no. He just started driving the train. You missed it by a pip.

 

[2be]

imo Britain should form an alliance with America and distance its self from Europe..historically Britain hates Europe..why should things change now

The situation of choice is complex and has became even more so. In the US under various pretences an academic socialist has been slipped in, to control the largest free market. Brusels is shamlesly socialist too, and this lies at the core of the British unwillingness to join the EUR. I hope not but the choice of alignment migh have disappeared, as both capms might soon be singing to the tune of Carl Marks and the old and discredited songs of the Proletariat International.
Do not forget that socialism has never worked, and it never will work, Hitler tried it, Stalin tried it, and so did Sadam, and it has always ended in ruins. Why this time should it be any different?
Free market and the freedom of the individual is under the real threat coming from the well disgiused camps dressed in political correctness. As an example, in this difficult time the UK legislators have taken a lot of time drafting legislation relating to how many dogs a person can take for a walk (apparently no more then 4) and where the dogs can be let to run without any lead. This is to satisfy the small but ever hungry for the real influence and power minority, which will accomodate everything to achieve their aim/s.
When socislism died in Russia and Eastern Europe, I thought it was gone and well burried. It proves how naive one can be. The corpse has been excavated, and white washed to full the nations again.
Lets hope the current cycle of pretence will end fast and without causing any more loss and real suffering of the totally fulled innocent and hard working ordinary people.
Best wishes to all,
2be

 

[Pippy5000]

80% of Britons do not want further political control from Brussels.. So out of the remaining 20% we essentially have crackpot contrarians and Che Guevara college students, indoctrinated ASBO urchins and Southern Asian foreigners who hate all things American. Baron Von Hoffenscheim desperately needs to revive his cocoa plantations in West Africa and he can't do it without their assistance.

Have we not seen first hand that a hostile "take that" takeover attempt has occured with EUR/GBP?? yet the Guardian robots continue to run their mouths about evil America. America is not the entity trying to kill the GBP kids.. Believe it or not it is not in our best interest to economically harm our biggest ally. We have tremendous admiration for Britain and the horde of plaid Burberry-claid, obnoxious know-nothings will not be able to change that.. They will fail as they fail in everything else save for benefits collection.

 

[forexpipz]

80% of Britons do not want further political control from Brussels.. So out of the remaining 20% we essentially have crackpot contrarians and Che Guevara college students, indoctrinated ASBO urchins and Southern Asian foreigners who hate all things American. Baron Von Hoffenscheim desperately needs to revive his cocoa plantations in West Africa and he can't do it without their assistance.

Have we not seen first hand that a hostile "take that" takeover attempt has occured with EUR/GBP?? yet the Guardian robots continue to run their mouths about evil America. America is not the entity trying to kill the GBP kids.. Believe it or not it is not in our best interest to economically harm our biggest ally. We have tremendous admiration for Britain and the horde of plaid Burberry-claid, obnoxious know-nothings will not be able to change that.. They will fail as they fail in everything else save for benefits collection.

:clap: You need to try this one. Weatherspoons frequenters(National pub with dirt cheap alcohol prices serving form 9 AM) - Homegrown smoking, adidas tracky waring (of course with the tracksuit bottoms tucked into their football socks) accompanied of course by Rockport boots or equally chavvy trainers topped off with sub standard skin paintings aka tats and hideous spots and cuts/bruises all over their faces. The chavmeister can be found virtually anywhere you look. Especially at MaccieDeez. Posh toff are no better. Its a safe be to be down to earth and in the middle somewhere. Normality is good.

 

[KillPhil08]

Wetherspoons down george st in edinburgh has no trackies to be seen last time i was in. More suits than anything else.

 

[VANTERHEYDEN]

why do they tuck their tracksuits into their socks?

I've always thought that was bizarre.

Anyway - GBP looks to be rebounding - certainly going to 1.45 short term - those looking for collapse could be very disappointed - it al seems to be factored in already