MrCro

ended at 2.404 last night on my chart!!!

hopefully still climbing next monday but depends what news comes out! good thing is now all the bad news mongerers about the £ seem to have no affect now.

Interest rates due here and oz this week so roller coaster will no doubt continue.

bcworld

I think your chart might be missing a '2' somewhere! You'll be getting people all excited!

Wishwewerethere

Wouldn't it be a wonderful world if we could use Mr Cro's chart
Might suggest it to Moneycorp/Forex and the rest.

MrCro

oops sorry yes it's 2.2404!!!

I would have been buying for sure

Stu Ward

i don't think i'm being bah humbug at all, i'm just giving my opinion as to what you are basing your trends on, that being the direction you want it go in.

Hey i hope for your sake that it goes to 4:1 just in time for you to transfer your money, then it goes to 1:1 for anyone wanting to move money back to the uk.

I can even draw a graph to show it happening, but i don't think it will

MrCro

I want it to go up and down as I am buying in both directions so suits me fine in this volatile period,

But for those wanting to emigrate and send £'s out in the short term the trend is still on the up as the charts show with or without lines on.

Australia has had a wake up call with financial data this week that should hopefully stop people falsely believing that they will avoid recession, it will happen and will most likely hit hard!

Therefore the general uptrend against AUD will continue as the market has already accepted that the UK economy is in the smelly stuff and that is factored into the market. Even on the announcement of 0.5% interest rate and the BoE 'printing money' this week the £ has not died a death and is actually on the climb again!

My tip remains, watch how the AUD does against the USD, as the USD gets stronger against AUD so does the £.

Many financial experts out there still sticking by their guesstimate that AUD will hit 50cents USD!

Happy A$ buying, I'm looking for a rally back up towards 2.25 to 2.26 today with a view to buying near close tonight or near open Sunday.

The downs seem to hit strong support at around 2.17 so 8 or 9 cents differnce returns a better profit that my ever decreasing bank savings interest!

DownUnderPaddy

flicking between 2.15/2.16 at the moment and only looking to continue down. Work that one out.

Is it partly related to the upping of the UK government stake in Lloyds and also potentially in response to the start of the 'quantitative easing' (a.k.a 'printing money') policy from late last week ?

Technical Analysis: Sterling getting sold again
http://www.sharecast.com/cgi-bin/sha...ory_id=2648906


as per that article, 'Last weeks actions by the Bank of England continue to weigh on the currency, and a failure to recover back above 1.4000 against the dollar, could have severe consequences for Sterling in the long run.'

Mrs Kiwi

Can't believe how low the £ has gone against the dollar!!
AAAH!
I've got to change £ to $ by the end of March so things are not looking good for me.
Do I change now at 2.15/2.16 $ to the £ in case it goes even lower, or hang on in case it rallies? What would you do?!

DownUnderPaddy

All I suggest is having a good read of this...

Is it now time for the death of sterling?
By Nicholas Watts
Monday, 9 March 2009
http://www.belfasttelegraph.co.uk/bu...-14218929.html

...and then I suggest focusing on the closing comments of that article, especially the final line :
"The truth is that no one really knows what the immediate future holds. There are too many unpredictable factors to allow anyone to make that call.
The best bet may well be to stick with your original plan rather than vacillate."

itigo

We are in "vacillating" central! OMG it's so stressful working out what to do..... Dad said that he read an article in Bloomberg as well stating something to do with the Aus $ and derivatives that will push everything down too.

Will do some today and then wait and see for some more tomorrow.

MrCro

it's all got me beat at the mo - i need to break my chart watching habbit!!!



perhaps I'll start watching dancing on ice instead!!!!!!!!!!?????????????

DownUnderPaddy

[QUOTE=DownUnderPaddy;7362322]flicking between 2.15/2.16 at the moment and only looking to continue down.

...now flicking between 2.12 and 2.13.

Sheesh, it really is sliding at the moment.
That 2.28 from a month ago certainly looks good now by comparison.

HazBean

Yup, not looking good at the moment. I nearly transferred my money at 2.28 and even went as far as getting a full quote from Ozforex. However, being the greedy git that I am I decided to wait until it hit 2.3.

Can't see it recovering quickly. The UK is producing nothing but bad news at the moment but Australia seems to be riding (or covering up) the bad news pretty well at the moment. I think reality will be kept at bay here for a few months yet while they wait to see what effect, if any, the stimulus package has.

It may be that the markets start to see the UK in the same way that they see the USA. The fact that they acknowledge there is a big problem and are seen to be doing something about it increases confidence in the currency.

Who knows, in the end it's all smoke, mirrors and guesswork. It only took the Pound a few days to recover from 2.08 to 2.28 in January.

MrCro

guess work for sure, last friday the pound was rallying nicely and I was hoping to buy at 2.25. But in the afternoon it hit 2.23 stalled and has sunk ever since!

My plan was to buy at 2.25 then buy £'s back when it dropped to 2.17 (as resistance was in chart at that level.) Never bought as waiting for 2.25 and then this week it hit 2.17 and bounced quickly up to 2.185 as expected so I would have bought £ back at 2.17.

But then it has sunk into the 2.12's so I would have missed out big time.

All this because the UK government keep having weekend meetings and annouced 75% share to be taxpayer owned in Lloyds last weekend!

Please Mr Brown can't you just take the weekend off?

Pearl&Wal

Pound sinking further every flippin day.

Shame he can't take the next 4 years off. Seriously, even when we've left the country good ole Gord continues to cause us to lose cash hand over fist.

I appreciate that the GFC is not all his fault but his 10 years of economic sleepwalking at No11 combined with his general handling of the GFC must make him one of the worst Chancellors Britain has ever had.

And to think all those conferences when they slapped each other on the back and told us what a good job they we're doing.