June 18, 2008
How to change a 90 pip loss to a 2 pip profit!
GBPJPY reached its support at 210.41, almost 90 pip against my position, but I decided to increase the size where I anticipate the risk technically low. I closed both positions, one in profit and other in loss, when the difference converged to zero. Less than 2 hours left to MPC Minutes so I see it too late to hold the position further.
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The reaction to the minutes was very limited. The minutes indicate that for some members "the news was sufficient to consider whether an immediate rise in Bank Rate was warranted". Eight members voted in favor of keeping rate unchanged and David Blanchflower voted against, "preferring a reduction of 25 basis points".
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