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  1. As expected, the Bank of England left its benchmark interest rate unchanged at 0.5% and also announced that it will continue with its “emergency” bond-purchase program as is; with target holdings set at 200 billion pounds. The GBP/USD pair remained above the 1.5400 mark following the announcement and has risen to levels as high as 1.5475 going into the 15:00 GMT fixing hour on Thursday. Today’s high, coupled with yesterday’s high slightly above 1.5530 still keep the GBP/USD pair just below the 38.2% Fib retracement levels of 1.5562 on the 4-hour charts from its August 6th top. If this holds as a level of resistance for the remainder of the week and the 4-hour MACD continues to decline, entry levels along the 1.5520-1.5470 range could be seen as attractive for opening short positions in the pair going into Friday. Profit targets of 110-200 pips, for hopes of collection early in next week’s trading, could be set at the 1.5360-1.5320 range. For those with a broader perspective, if the 1.5320 is reached again either Friday or next week, this would place the GBP/USD near the 38.2% Fib retracement levels from its rise off mid-May bottoms. The daily chart also shows the daily MACD leveling off. There is no particular trade being setup in my mind with this information, just something to keep in mind if you prefer the broader view of the daily rather than hourly charts. As usual, these observations are solely my opinion and do not constitute any form of investment or trading advice.
  2. Fellow TL'ers: Sandwiched between "Blogs" and "Exchanges" at the top menu is a menu item called "Chat" -- as some of you know in days gone by this has been a real goldmine of active trading chat. Other times it can get mighty quiet in there. We're going to make some real effort to reinvigorate the chat and make it a great place to hang during trading hours (or after if you like) and both share your trading knowledge, and, if you don't have any -- that's ok, it can be a great place to learn and get some nuggets of knowledge. At the very least it can be a place we can all cry on each others shoulders when the market beats us up and we wonder why we ever started down this path. We have a handful of TL members willing to come in and hang out during trading hours -- of course if you go in during a quiet time of day or night, it might be a little lonesome. But, I'll try to start coming in there during prime market hours and sharing what I know (and I'll fake the rest and we're hoping here at TL that you'll join us and get the word out if you find it useful. This isn't one of those Chat rooms you have to pay for, nor is it one of those black box signal rooms -- it's as good as we all make it, and definitely at the right price, or your money back . Hope to see you there.
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