Welcome Back, Young Pip!

What's been crackin' since I was here last? As I recall, the Sterling was on a tear, pushing 1.90, and not only did it fail to push beyond 1.90, its beginning to regress a bit. Next week the FOMC will meet and likely raise interest rates again, giving the USD an upward move against the GBP. The rate hike has probably already been priced in, maybe being reflected in the Sterling's downward movement late last week, and later in the preceding week. There was probably other data involved in the decline as well.



The Cable is nearing the 50% retracement of its mid-May high, but I don't believe it will provide any support. Therefore, I am shorting the GBP. I'm putting a limit order in at 1.8190 for 30 pips stop-loss/take-profit. Man, its great to be back in the saddle!