Quiet Thursday

Bummer! My buy limit order was cancelled just before the Sterling made my move. Had my order been filled, I'd be 30 pips richer right now.

Anyhow, the Bank of England left rates unchanged, which had pretty much no effect on price. However, at 2 PM something happened, as price shot through 1.85 on its way to 1.8550, before falling back to around 1.85. Despite my desperate searching to find the catalyst for this movement, I can find nothing.

I have concluded, however, that the Cable is still good for buying, despite it having already encountered resistance near 1.8550. 4Cast feels that price will rise before retreating again, and I agree. Therefore I'm buying at 1.8515, with a T/P and S/L 30 bps out from there.

I know I sort of ignored the presence of fundamentals for this trade, the practice of which is unadvisable. But given the US market's strange 2 PM action, I think the European market will do the same when given the chance. Therefore I'm hoping the Europeans will give the Cable a buying boost before the news comes out.

See you tomorrow.