After breaking some key levels of long term support recently, we had quite a few pairs sitting in consolidation type patterns pre-London. A closer look yielded some lower highs on the yens, and triangle patterns all over the place, so it seemed more of continuation than consolodation. Then it was a simple matter of determining what currency was the weakest at that time, and building a trade plan around that currency and the Japanese Yen. One quick glance at the majors told a clear story, British Pound Sterling, and the US Dollar were the weaklings of the night. So be it, so we look to short the GBP/JPY and USD/JPY pairs once we break our triangles. Sure enough, the Futures markets began to drop, the yen pairs broke the triangle and whalla, piptopia began. In this video I focus on the trade plan used on the GBP/JPY trade(s). I say trade(s) because depending on ones style you either held it once, or got in and out 3 times for upwards of 200+ pips in profit. We had several layers of support to get through such as daily pivots, Weekly S2 Pivot, trend lines, it was just a whole lot of fun. What looked very tricky and volatile on the 15m, was a waterfall on the hourly and above. In this trade plan we deal with a descending triangle, 'riding the hourly 5 ema', daily & weekly pivot points, key psychological levels (yay we broke 200.00 again!), multiple trend lines, Fibonacci retracements & extensions, divergence.. you name it we used it. Lovely trade, and once the Pound got even weaker on it's own the GBP/CHF joined in the fun for a piptapulous London indeed, hope you caught a good bit of it as the Bootcampers did! Fitting way to end a great trading week, have a fantastic weekend!

FXBootcamp London Currency Coach- Christian Stephens

The dominant theme on Wednesday's news calendar is inflation. The Bank of England releases its quarterly inflation report during the European session, while US CPI figures for April are due out at 8:30am New York time. Keep a keen eye on headline CPI from that US report.

UK CPI for April is due for release during tomorrow's European session, while the New York session will see the latest U.S. retail sales numbers. As inflation concerns skewed last month's split MPC vote, this CPI release should draw some attention, and a surprise should move the GBP/USD. And if recent history repeats itself this month, the U.S. retail sales figures for April are most likely to move the GBP/JPY.

ABC seals deal to sell most of US business

Childcare operator ABC Learning Centres has finalised the sale of 60 per cent of its US business to Morgan Stanley Private Equity.

ABC, a high-profile Australian casualty of the credit crisis when its share price collapsed in February on concerns over high debt levels, said the transaction would reduce total net debt by A$485 million ($582m). The deal valued the whole of the US business at US$700 million ($875 million), it said. ABC owns more than 100 childcare centres in New Zealand.

Founder and chief executive Eddy Groves, who sold nearly all his stake in the company to repay loans as directors refinanced about A$1.5 billion worth of debt, said the sale "addresses concerns about the capital required to grow the US business".

ABC will retain US$185 million of ordinary equity and US$20 million of preferred equity in the US joint venture.

"The transaction represents an excellent opportunity to crystallise the value of the US business and reduce ABC's gearing, while maintaining exposure to the upside potential of the attractive US childcare market," Groves said. "It also allows the management team to spend more time focusing on the Australian and New Zealand operations."

The US$700 million enterprise value is down from the US$775 million talked of when the deal was first signalled in early March. The sale price implies a multiple of 12.7 times earnings before interest, tax, depreciation and amortisation of the past 12 months.

After the sale, which is expected to result in a book loss of around A$280 million, ABC expects a net loss of A$80-A$89 million in fiscal 2008.