GBP/USD Option Barrier

[RealFX]

Does anyone else think sterling has been acting funny today? Could there be barriers being protected near the 7250 area?

[foamgod]

I thought it's those guys eating too many bananas.

[forbesmr]

Originally Posted by RealFX

Does anyone else think sterling has been acting funny today? Could there be barriers being protected near the 7250 area?

It's more than just the sterling. The USD suffered a complete meltdown, all on the news that the Fed will continue to raise rates, and the Bank of England is probably going to cut them in Aug.

Ummm, I don't quite understand the price action today. I'm still staring at my screens in bewilderment.

I think I need to go have a few beers. At least I didn't lose any money. I did give back $3K in profit, though. Which, is probably worse, I think, at least psychologically.

[foamgod]

Beer is good. When one is awake, one thinks too hard and makes the best trade that ends up in a loss. When all is fuzzy and the mind is cloudy, that's when you get your profit.

[fxintra32]

I think it's EUR resistance at 1.2000, same thing happened before. It hits that point and lots of resistance pushes it back 200 pips or so.

[psytrader]

Originally Posted by RealFX

Does anyone else think sterling has been acting funny today? Could there be barriers being protected near the 7250 area?

Do you mean to suggest that an interested party could prevent a pair from reaching a given price?

Or are you suggesting that an interested party is wondering how everyone else could prevent reaching a given price?

PSY

[RealFX]

Nah, was just the market reversing. Made for some ugly charts.

Sometimes money is thrown around to prevent big money from getting lost, but I don't thnk that case here.

I hope some of you did well on the yen today, as I did

[Gamma_Jammer]

Originally Posted by RealFX

Nah, was just the market reversing. Made for some ugly charts.

Sometimes money is thrown around to prevent big money from getting lost, but I don't thnk that case here.

I hope some of you did well on the yen today, as I did

You were all wrong I'm afraid. Sterling's moves on the 20th were all related to the large EUR/GBP fixing trade executed on the back of the Shell / Royal Dutch listing story. To the best of my knowledge that flow is all done now.

GJ