Posts Tagged ‘Cable’

Forex Trading – “Cable” is Ready for Correction

Wednesday, August 12th, 2009

The Cable British Pound climb up as the first of March has been nothing short of spectacular: “Improving economic data have helped the Cable advance 14 percent versus the US Dollar this year and 12 percent versus the Euro.” Due mainly to a recovery in risk appetite and the concomitant belief that the Cable had been oversold following the onset of the credit crisis, investors began pouring hot money back into the UK. As recently as two weeks ago, one analyst intoned that, “Longer term, we’re in part of an uptrend for the British Pound. I do not think this is over.” (more…)

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Forex News – Pound Sterling Freezing its Losses

Tuesday, August 11th, 2009
The Cable or British Pound Sterling extended its losses that by last week, later the Bank of England expanded its quantitative easing program, a move that surprised the markets. It was widely anticipated based on comparatively good numbers that were posted by the United Kingdom economy in late weeks that the BOE would either not touch or reduce its policy. Though Forex analysts site the triggering of across the board stop-loss sale orders as a major reason for the sharp decline in the Pound on Monday, which would equate the days trading with technical and not fundamental rules.

At 11:50PM GMT, the Sterling/Cable was down to 1.6479, a .4% decrease against the US Dollar, down .4% to the Euro to .8577, down .15% to the Swiss Franc to 1.7887 and down .6% to the Japanese Yen to 160.00.

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