£GBP heading to oblivion

[Pipers]

5 hours ago, bluemoon said:

 

My trading mind sees price at the apex of a triangle, but are GBP/XAU chart patterns relevant?

So which way will it go?

[Abyss]

 

3 hours ago, Pipers said:

So which way will it go? 

Nobody knows what the future price of any asset/commodity (includes gold/silver). Don't let anybody tell you that they know where price is going unless they work central bank or major bank manipulating the price (these people keep mouth shut).

Does not matter where live in the world everybody sensitive to the price of their local currency and its purchasing power. In the UK GBP lost purchasing power relative to the US Dollar recently.

Cannot complain to much. Live in Turkey local currency Lira being destroyed entering hyperinflation

All the charts above from Free website called

https://uk.tradingview.com

 

 

[vand]

I was mulling over the question: is Britain in long term decline? Looking at the long term performance of GBP I would have to conclude YES.

https://www.poundsterlinglive.com/bank-of-england-spot/historical-effective-exchange-rates/GBP-history

Sterling has never been this weak, and imo it's not just a temporary Brexit phenomenon. The decades we have spent enticing people to pile into bricks and mortar instead of into business and enterprises that actually produce something of value have had a pronounced long term effect that has made us all worse off. We are now living the long term effects of 3 previous housing booms.

 

[Pipers]

It looks like the idiot Carney cannot be called on to raise interest rates even now.  The GBP is in sh-t street, the USD is the least worst in this game.  In the UK more and more working people are lining up at food banks (that is for free food other wise they would starve) and one reason is the BOE will not raise interest rates, just to keep the housing market pyramid scheme going. 

The GBP does not buy very much these days. 

  

[AppleZippoandMetronome]

On 31/05/2019 at 09:14, vand said:

I was mulling over the question: is Britain in long term decline? Looking at the long term performance of GBP I would have to conclude YES.

https://www.poundsterlinglive.com/bank-of-england-spot/historical-effective-exchange-rates/GBP-history

Sterling has never been this weak, and imo it's not just a temporary Brexit phenomenon. The decades we have spent enticing people to pile into bricks and mortar instead of into business and enterprises that actually produce something of value have had a pronounced long term effect that has made us all worse off. We are now living the long term effects of 3 previous housing booms.

 

There has certainly been a sharp decline since the first time I came here then since having moved here. I first came here from Canada for a short period in mid 2006. At the time £1 cost me $2.23 CAD to purchase. I moved over here then in early 2008 and at that time £1 cost me near enough to make no difference $2 CAD to purchase. Fast forward to today and if I were buying £1 with my Canadian $'s it would currently cost me $1.64. Everytime I have gone to Canada to visit friends and family the £s I have exchanged have bought fewer and fewer dollars.

Obviously the Canadian dollar will have had its own ups and downs in this time period but the £ is clearly consistently down over the 13 years I've been paying attention to it. Unless you regularly travel and exchange money you might not have a real appreciation for this but it is certainly worth noting.

[sovereignsteve]

Boris wins, no effect on sterling, slight recovery if anything.

[Oldun]

Zero surprise that Boris would win, so prices of everything baked in way before.

[Zhorro]

56 minutes ago, Oldun said:

Zero surprise that Boris would win, so prices of everything baked in way before.

The Pound is down at $1.2451, and gold up to £1,145.90 per ounce.

[Oldun]

 

https://www.bbc.com/news/business/market-data

Normal market movements re today’s announcements. It was clear Boris was going to win a long time ago, so movements in price were done well before today by the market. Markets and businesses hate uncertainty. It does not matter if that certainty is negative or positive, as long as it is certain and then the markets and businesses know what to do.

[vand]

$1.29. Life in the old dog yet!

[JunkBond]

Because a Brexit deal has just been agreed. 👍

[vand]

Moving higher @ $1.31.

We also have a golden cross between the 55dma and 233dma. 

[NAP83]

I am optimistic about Sterling heading back to $1.60-$1.70 again in the future 

Generally speaking I am pretty bullish on UK plc as its been down in the dumps for too long.

I am less optimistic regarding the Eurozone