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It is worth noting that the number of NEW claimants has dropped. The number of unemployed is increasing in the UK and the US...

TIE, thanks for the tip. I dare say that I sound a bit like the woman who swallowed a fly, a spider et cetera. Feeling that I was getting into hot water, and not wanting to liquidate my positions or just watch things get worse, I did in fact short GBP/EUR to hedge my EUR/GBP shorts. Contrary to your post, I think that telling people to make a U-turn on their positions if they are not successful is rather dangerous and irresponsible. I have often been dismayed that my well-researched long or short positions are not performing as I had hoped but, when I stick to my guns, they usually come good. If my timing is a week or so premature, so be it. To get out of that at a loss and blindly take the opposite position could easily prove ruinous. Out of the frying pan and into the fire so to speak.

Quality; good work everyone. I am significantly short. Glad to see esteemed mebers in agreement and more than a little relieved to see the markets going off the boil as we all thought they should.

0.905!!!! 8-(

I found this fairly interesting: http://www.digitallook.com/dl/news/story/3008811/Technical_Analysis_Sterling_approaching_key_support_levels.html?&username=&ac= "Against the Euro the pound has also declined quite considerably in the past week or so after breaking through the July highs around 0.8700. The pound is now pushing up against resistance at 0.8939 which is the 50% Fibonacci retracement of the down move from 0.9478 to the lows at 0.8400. It has also traded above its 200 day moving average, at 0.8890, and a close above this level could precipitate further losses to the 0.9066 area. If the market closes below 0.8890 then the market could see some profit-taking back towards 0.8810/20 area. A break below 0.8700 would re-affirm a sterling recovery and see a move back towards 0.8564 9 month support line.

It's on steroids; FTSE 1.6% up on the day and DAX doing almost as well. I think it is no coincidence that the GBP has recently taken a beating and money is flowing into the FTSE. We saw similar circumstances after Christmas. I expect GBP to strengthen - at some point! - and for some money to then flow out of the index, back to foreign investors.

The excitement in the market is starting to cause me concern. FTSE and DAX are way up, as is the Euro. I have some BIG red numbers by my short positions. Would anyone like to guess what level or event might cause a turnaround?

Wall street opening... Looks like they may have cold feet too, adding to downward sentiment.

Keyvan, I remember, I am glad it worked out for you. I am short all over the place!

I feel like the retrace is happening right now. 5000 is a fairly obvious point for it to happen, as is the 11 month high which that level also represents. We have just seen significant drops in DAX and FTSE in the last few minutes. DAX turned JUST shy of 5630 (the target of one of my shorts, drat) and FTSE bounced from under 5050 (5043). Now 4980 and 5570.

Very turbulent trading today with big, chunky moves due to credit ratings and figures, surveys. I am short on EUR/GBP and GBP/EUR as a minor hedge - a little bit like the woman who swallowed a fly et cetera. Looking to unwind the latter which has been open for a few days fairly soon when I believe we should bounce strongly from around 0.882 (i.e. GBP/EUR below 1.135).

I really think that the DAX and FTSE are getting overdone at 5465 and 4930 respectively. That is a whopping 1.75% and 1.5% rise on a day when Wall St is on holiday. It points me to a sell.

Something's gonna happen in < 2 minutes. FTSE is anticipiating upward review of UK Q2 GDP.

TIE, I am trying to follow but confess I cannot. "euro is more bullish than gbp. they will both rise against the dollar, but euro has more to rise, and so euro/gbp is more bullish for me" If Euro has more to rise against Dollar than the Pound has, where do you see things going $2:1€? Your conclusion that you support a long on Euro against Pound is quite baffling.

hold fast, swib. I've added another!

I'm not sure that much of your last post was about EUR/GBP, Pat, but I found it interesting nonetheless. My shorts on €/£ are not bearing fruit at the moment. I am positioned at 0.851 , 0.856 and 0.869 but all are showing large red numbers. I do still expect 0.84 to be seen fairly soon. What events are people anticipating that will affect the rate either way? Monaco

CT8, I pasted the link and I am trying to make sense of this, but... it's a bit like those mad pictures back about 15 years ago. People said if you looked past them you could make out really fab things but I just saw squiggles. Anyway, I am certainly heartened to hear you say that you have strong indicators that it's going down past 0.84!

Back at 0.8600 this is tipped as the big dipper. One of my lines is hanging on for 0.8400, if i can bear it...

Good analysis, PatexD. I closed one short, my top-up short, at 0.8600 today and the other is still rolling.

I think that EUR/GBP just maxxed out at 0.8660 and is due to beat a retreat. I have added a contract to the one I had running.