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UK pound edges above the $2 level

The exchange rate is good news for Brits visiting the US
The pound has risen briefly above $2 - close to record highs - as investors expect an interest rate rise in July.
In early trade in Europe, one pound touched $2.0006, almost reaching May's 26-year high of $2.013 dollars.

Bank of England minutes released last week showed that the main rate-setting committee voted five members to four to freeze rates at 5.5% in June.

Analysts said this makes an interest rate rise to 5.75% in July a near certainty, in a bid to beat inflation.

Expectations of higher interest rates make the pound more popular amoung currency investors, as they can gain a higher return.

We appreciate that the MPC has to control inflation but a stronger pound performs a similar role in dampening economic activity ..BCC economist David Kern


The pound, which later slipped a fraction to 1.999 dollars in mid-morning trade, has gained 8% against the dollar over the past 12 months.

I was talking to some friends who are real money players at the T20 on Friday night (brilliant display by Ramps, btw). They're knocking out cable big time at whatever they can get over $2.

Snap pth

Hilary

I hope 'knocking out' means shorting?

pth

SC

Had a feeling it might have been a bit early, should have waited, but hoping it will come good anyway :)

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Bounced off support at 19970 earlier. This line represents the bottom of the trend that has been in place for over a week. Hopefully this will be penetrated today and we'll be into a new short term trend, if so 20000 should cap any further rises for the time being, early days though.

pth

Added to my cable short at 9995, if it breaks above the earlier high, I'll be out, quite precarious at the moment :S

The trend line I mentioned earlier has been penetrated for the second time today, also have falling support in roughly the same place. Might have broken the trend unless it recovers quickly; if so next target 9930.

pth

At last, was also going to short USDJPY at the 123.60 level - glad I didn't - for now.

That's that gone then :)
Closed those two for +51, expecting a retracement now, although possibly not :S
Main thing is that the uptrend in place for over a week has now been well and truly broken, resistance now at 19990 (ish)

pth

Also have down slopey resistance at 9975, so looking to short again from there.

pth

Blimey, talking to myself here :S
Mustn't get fixated with shorting, seems most reporting indicates that the $ will be 'soft' this week.

pth

I'm listening PTH :-)

Not closing my position, looking for 150+ points over the coming days.......

Hi SC, hope you are having a fun day.

Just nudged my line so short again from 72, although once again I have a feeling it may retrace further, perhaps to 9988, if so I'll add up there, if it, doesn't happy days.

pth

I'll be happier once it's going my way big time.

Well, you can't go far wrong with a stop at entry for the moment. You can always start again.

Nah, I'm fed up with being stopped out for just a few points, stop's above $2, give this one room to breathe. Probably wrong but we'll see.

As suspected 9975 didn't prove much resistance, added again at 9988. Hope I have it right this time :S

Details of latest COT (commitment of traders) data can be found here.

Yen on the move...