Friday, August 29, 2008

Roll Over, British Pound! Going Short Two Contracts

A jolly good day to you, dear reader chap. This morning, over tea and biscuits, I posed the following query to myself:

Q: What's better than one short British Pound contract?

A: Well that's easy, my good man - the answer is TWO short British Pound contracts.

Check out this chart - is this dog waking up anytime soon?

Look, George Soros made $1 Billion shorting the British Pound in his most famous trade - I've got some catching up to do!

Further reading:
  • FX Street: How Much Lower Can the Sterling Slide?
    • "The news for sterling has gone from bad to worse," said Ian Stannard, a currencies strategist at BNP Paribas in London. He said that the pound could test resistance at $1.8180 area "before a corrective rebound develops," as sterling catches up with the dollar's recent move lower.


spreadtrader said...

Nice upgrade to site - hope you get back to the glory days of over $100k soon!


Note so sure on the coffee, but seasonally good time to buy around next month or two.

SugarHigh said...

Thanks Al - to be honest, I'm not so sure either, but hanging in for now.

Like your blog BTW, recently added a link to you in the roll on the left.

Moyo said...

I wish I had caught on to the short on BP earlier...I'm just worried about ho much lower it can go.
This USD rally is really dragging a lot of stuff down
what do you think about sugar at this price?

SugarHigh said...

Sugar at 12 cents is awesome, I think - I just wish we could buy the March '09 contracts at 12 also!

I'm staying on the sidelines for now - would like to see a real uptrend establish itself.

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