Topic: THE WORST DAY FOR GBP SINCE 1848 (Read 2998 times)

Everyone trader want to get at least their money back as soon as possible and make as much profit as they can but this is very risky, and the OP maybe invested all his money and I don't like this strategy because putting all eggs in one basket is very risky but sometimes is profitable.

If you were able to quadruple your money reliably in a month and 'never lost' then you'd be a millionaire in less than a year, and 20k would be chump change. Time to stop exaggerating your prowess, delusion is your enemy in this game.

The GBP might be struggling, however with a lower GBP more businesses might consider it as a place to start businesses or having some franchises located in. They technically pay them less, and make more money, as long as the market share is there.

The Brexit is interesting to say the least, and there are a ton of variables, however it will likely work out in the future.

yes,you can refer,in part, to chinese yuan
US goverment didn't like much when China kept their currency weak ,it hurt their feelings
but with GBP it is slightly different,majority of the GDP comes from financial instruments and trade,not production
weak currency allows countries to develop their own strong production system and not to be reliant on pure financial sector profits
now when the banks declared their own bankbrexit I feel GB would have to pay more attention to their labour class

A strong sterling would merely prolong the balance of payments deficit. A weaker pound increases labour competitiveness and encourages exports. It is a sledgehammer of an instrument, but to call it wholly bad is to overlook the pre-existing malignancy.

imagine if OP decided to invest in bitcoin instead of playing on GBP pairs
in less than 2 months price went up from 550 to 700 USD
it is 20% increase! if invested 50.000 profit would have been 10.000

You can make some money with all the volatility, but if you get the trend long, your entire earnings can get wiped out.
I guess that is what happened with the OP,

Mark Carney hasnt restarted QE but just the talk or indication of that possibility and its a very real one, is enough to weaken sterling.    Federal reserve has been doing the opposite talking up the idea of rate rises while actually only performing one very feeble rise in an entire decade.    Thats quite some game they play.

UK lowered rates but the difference was fairly insignificant, I think it is just the larger picture that the entire bank of England policy is towards very loose money.   This is while UK also has a fiscal deficit, trade deficit and perceived weakness from leaving possibly the worlds largest trading block.
   IF UK keeps good relations with Germany and I guess also France then you have a situation very similar to when UK is in the EU, really people move from fear and then state this as fact when it was just a first reaction.  I do believe economies are founded on peoples efforts and strengths not politics, Im going to be surprised if words matter more then actions.
Germany has every reason to continue good trade with us no matter what, UK is a major customer for them and its both our best interests.   Politics doesnt decide this, the people of Germany and their workers already determine what happens, EU or not is very much secondary to free will

I have paused investing or trading because of the many pumps and dumps happening even though it is a good time to invest/trade because of the bitcoin price change but in your case losing 20k is pretty high, what amount do you trade daily?

One fact little mentioned is that our Goldman Sachs Canadian Central Banker (Mark Carney) has fired up the printing press with Moar QE. His solution to the pound being weakened after Brexit is to devalue the pound !!!! And he gets a pat on the back. Unbelievable.

However hard brexit is the right option for Britain to stay as a soverign country. The fall of the pound will have economic benefits and might help Britain actually do some manufacturing and exporting to stimulate real/not fake recovery.

Next crisis in the eurozone and Britain will be shielded from it.

\Considering the timing chances are it's a bunch of large currency traders trying to pull out of the pound due to a perceived future decrease in value through Britain finally leaving the EU (Something which was mentioned for around March next year), and they just chose to leave now.

Not sure why it would go down otherwise, but I don't keep up with UK economics and politics.

It is normall to have a currency value fall or rise, this is because the demande and supply of that currency differs over the time. If the demand exceed supply, you get rise in the value and vice versa. Hence, no point worrying about that. Demand and supply are usually affected by news and events. Fall and rise are very common to any commodity.

Brexit has had very significant impact on GBP and banking sector in general
I'm afraid we haven't seen the low yet,more,dire things to come as a result of the major shift towards China both in terms of finances and global management
suffice it to say that major banks are planning to pull out of Britain,just read the articles here:

http://www.breitbart.com/london/2016/10/11/workers-threaten-sue-banks-relocating-brexit/

https://www.ft.com/content/a3a92744-3a52-11e6-9a05-82a9b15a8ee7

https://www.theguardian.com/politics/2016/oct/22/leading-banks-set-to-pull-out-of-brexit-uk


 

After brexit and yet UK is in the European union and will be for maybe two more years.   This is all speculation and it happens especially because UK has a trade deficit and also a fiscal deficit.  So despite being a world reserve currency to a minor extent its heavily subject to speculation and thats mostly what is happening right now.   Fundamental changes in business and currency demand have not yet occurred since late June, its far too early.
On top of that the Euro and Dollar are moving targets subject to their own weakness and varied popularity and use, right now Dollar is stronger for the perception of its presidential election and Federal Bank.  I suspect those two factors intersect and we'll see a change in stance by the Fed post election, that should be more significant then the UK not yet leaving EU

especially with all these foreigners flooding our island and taking jobs away from our poles!

think this graph says it all



there are some signs of life,a rally
but the abyss GBP has fallen to is too deep

Force possible option is to invest in GBP simply bad only would cause lost in investment
This is worst British pound for as far as a know it was always good currency but after brexit its will take to much time to recover

simply BAD trading practice,the signs of an inexperienced trader
or should I say gambler?
chasing loss-tick
emotion based trading(gambling)-tick
playing with the money you cannot lose-tick
haven't you read any newspapers recently?
heard about Brexit and Europe migrants problems?
with GBP being volitile like hell and hitting the lowest since god knows when OP stays in GBP and doesn't hedge his loss
I really pity your plight,but you should not have risked your savings and stuck to 50-100 pound per month gambling

Op, what do you expect? have you really thought that trading GBP after Brexit and signs of overall economic turmoil which is happening in Europe right now is good idea?
Haven't you noticed what markets reacted? You should have sold all your Pounds right after Brexit - it is too risky trading this currency now.

GBP is a very dangerous investment right now.
It may bounce back at some point in a few years, so a long term investment could be okay.
But in the short term, I wouldn't be surprised if we saw 1:1 with the US Dollar.

Whoa there!  Though I wouldn't assume this fine gentleman isn't a sociopath, there's absolutely no way to tell.  In fact, given the turds who frequent bitcointalk regularly, it might even be prudent to assume sociopathy is a given.  The lending section and most of the gambling section are chock full of 'paths.  And other assorted mental illnesses.  It's like a big psycho grab bag.

Hard Brexit will happen in about 3 years and will ultimately be good for GBP. There's some global elites that aren't comfortable with it right now and it could continue to suffer as they dump, but having *some* position in it isn't a bad thing, honestly. Don't take naysayers right now too seriously, but also don't trade with a day-to-day or even month-to-month mindset. Start thinking about years.

Ultimately I think Brexit will not be soft and that will be to Britain's benefit in the long term. Those same large entities that are dumping now will have to buy to have that asset to trade with, and they'll be sorely missing it at the time of a hard exit. Smart investors should know a hard exit will end up being inevitable, as the EU is too needy already now (and will most certainly be in two years) with demands for an exiting Britain.

I believe the bad days for the UK and their currency: GBP are yet to come. Without the EU for trading. The island will once again become isolated, just look how France and the UK are already fighting about euro tunnel.  With banks leaving the UK, to serve their EU clients, london will also feel some pain, but in general the suburbs will be hit hard. Sad days for unity and economic growth.

after brexit poundsterling down and down
is very bad value price poundsterling after brexit
in two week is worts in poundsterling price

i think after brexit much country not believe and reduce trusted about poundsterling
maybey economic team in england goverment must create economic pakckages is good to incraese trusted about poundsterling

Good, I always hated gbp for being so expensive against the others. It should be 1$=1£. And it will be, very soon. Euro will die too. Just move to USD it is the only real FIAT currency.

worst possible way is to invest in GBP right now currency is unstable and i will take long time to recover if even recover at all
better for you that you invest in some coin or something else gold/silver not in another currency

If you look at currencies that were almost the same, they had a grew or a fall for ever.

So this is the point of how i am thinking.

Sorry Op but you're not investing, not even smart trading!
You're gambling! When you knew how risky it was to go into that deep in GBP/USD, what about your risk- and money management?
To me it seems like you completely ignored that and said to yourself: "'uck it, get rich or die trying!
You're greedy my friend! And when you have never traded with bigger volume before, I don't get it why try it out with the GBP now!
Imo you have lost your mind.

that sounds like the essence of degenerate gambling to me but if that's what you wanna do, go do it.

I was waiting at Smith like this at the end of tomorrow. If today I would have 1kk$ I'll still buy more and more.

You have balls of steel, or shit for brains to trade in this Brexit environment. Most people are running to Safe heavens, like Bitcoin & Gold & Silver in times like this. ^hmmmm^ Just have a look at this : https://uk.finance.yahoo.com/news/pound-already-fallen-off-one-082131083.html

What were you thinking?

24 june 2016 from 1.5 to 1.33.

I'm keeping my trade open. Now I'm in minus 35k$ . So out of kind of everything.

Waiting for the next hours. It will be intersting.

USD/JPY is going nice ofc too.

still up slowly ... .

It might feel satisfying to pick a bottom, but the tide is going out on risk in general right now.

A good buying opportunity may come in GPB in late Nov/early Dec.  In my view, there are better instruments to trade.

If you still want to live, stay away from windows and ledges.

Interesting opinion. I think the exact opposite will happen, IMO Sterling is up shit creek without a fucking paddle.

Some points to consider:

Significant bear market since Brexit vote.
Number of extreme flash crashes (the most recent a few days ago where gbp/usd dropped to somewhere around 1.15) with little sign of support buying and therefore no significant correction.
Current level 1.22 (down from something like 1.55 a year ago)
The "handouts" you mention are:

A. Still being given out as UK is still technically in the EU, and
B. Basically worth fuck all in the grand scheme of things. Roughly £10B per year I believe is the rough figure we give to the EU? Our GDP was $2.7 TR USD in 2013. Also we import a lot more than we export, take a look at this chart: https://www.uktradeinfo.com/Statistics/OverseasTradeStatistics/Pages/OTS.aspx

For a country that imports more than it exports, a weakening currency is bad. The loss of revenue from the increasing price of imports will trickle down and start affecting the general population. It's really bad for savers too (if your savings are in gbp of course).

The only UK companies this is good for are those that rely heavily on exports, preferably using resources that they buy from within the UK.

OP you have balls of steel making long trades right now, I would be shorting the shit out of GBP if I had the capital...

And bitcoin ?

You don't keep all funds in bitcoins ?


... why ... ?





Swiss Francs have  the same problem ... when it loose the magnetic lock with the Euro.

It is official. Today was the worst day in history for GBP since 1848.

Well I love to be full with adrenaline and for 15 hours I am looking on markets and in half an hour I got my money back now.

I am not quite like you said.


I know that GBP is not having the power and honestly like I was seeing the charts it is possible in math with USD to reach 0
1.19 easily but I hope not today.


Cheers.

I think it's safe to assume this guy isn't simply moving dollars and pounds between bank accounts. he's probably balls deep in scary leverage.

GBP will go up a fair bit in the next year or two, now GB doesn't have to give hand outs to broke ass countries from the EU their economy will thrive. I imagine the USD will benefit from this too.

Sit on your investment until markets recover.

That's why I invested. If you're looking at charts with what happened in the last days I was expecting for a huge getting up enough for was 0.15% from investment point so it wasn't so hard

But after my investment it was down up to 2%. Now is -1.5% . Hopefully it will reach 0.4% to end this continually stress.

What's funny that I just gave up at university because one month ago I wasn't able to pay 50 more euros and now I'm trading 20k...

Honestly GBP is very risky right now.
No one know what is going to happen with rules and regulations after Brexit.
The value might jump back up or it might continue to drop.
Hopefully there is someone here who can offer some good Forex advice.

I trade a lot before but not such big amounts. For me 20k are a lot of money.

Usually just like hobby start with 50 euros and in a month easily 200-300. Never lost. But my target was low everytime

I try 75% back at least.

don't mess with real forex. that's about the only thing anyone can tell you. that is serious business.

It sounds like you are trading with your emotions.  Since you are not a sociopath, the only way to play is not to look at the price.  Set a sell target and dollar cost average your way under it, if you are currently underwater.

I hope you didn't go full retard.

Hi guys,

Is anyone that is good at investments?

Today I lost more than 20.000$ with GBP/USD.

The market was kind of down yesterday and I was waiting for a bumping over the day. Now the day is ending and GBP/USD is down to 1.218 in this moment of when we're talking.

I'm not the best at this type of market and I really don't know what should I do. To sell arround 1.225 or to wait to be back to 1.23.

The point is that I'm not having enough to keep it open and mostly I'll be bankrupt by the end of the day.

Well bad month for me .

So what do u think?