Quote:
Originally Posted by Nayantara
Hello Sledge,
I agree with you.
Hope to see a bullish trend of atleast 7 to 10 days for GBP/USD, after tomorrow's rate announcement by BOE.
Eventhough I think 2008 will be bearish for GBP/USD.
I have a long position at 196.75 (approximately 197.15 in spot). Hope I can make some profit out of it in the next week. But I am sad that tomorrow it's holiday for our exchange in account of Muharam.
What you think about next week's trend?
Regards
Nayantara
|
I think the BOE rate decision will be exactly what the market makers will need to hook as many uneducated traders into a rash of short positions as possible.
I won't look so far ahead into next week but tomorrow when the rate decision is close- watch for a huge spike down prior to the announcement. This will catch as many speculators as possible to go short- then you will see the market turn bullish.
The market makers are net long- this rate decision is all they will need to offload as many shorts as demand wants before the eventual rise!
Sledge
