It appears that downward conviction has diminished. This is what I want too - but still what I am seeing in this pair (USD/JPY being what I am watching, as this will essentially determine gbp/jpy). I am holding long, despite being -ve also.

gbp/aud sitting on strong support

Long term, yes. But it felt like today's drop was necessary. It may even drop more. Fundamentally, you wouldn't buy anything else, but right there's no reason for it to rise without a pullback IMO.

Yeah, GBP looks extremely overbought.

i would have thought this event would weaken usd, given the last reaction to fomc. but yeah, seems not

g'day mate. thanks for that. I suppose that negates/overshadows much of what Carney says (?) I was surprised that GBP/AUD stalled today. I should have maintained my buy at 1.9365 before it capitulated. But, yes I agree. GBP/USD has good reason to ...

Does anyone know why GBP/USD weakened last session? ie contradictory to UK data, recent Carney comments, and recent US developments - isn't it?

I don't know if this lull right now is because of low volume or AUD sellers already stepping in.

I agree. Waiting for EUR/AUD to reverse, as don't see any substantial reason for AUD to lower much more (in the s/t, that is).

Cos not a trending market (imo). Plus, data from Australia has been positive lately (mind you, I would suggest pitting against another currency - perhaps even a s/t GBP/AUD sell).

thanks. I'd like to go long if so, but concerned about the fact that as gbp/usd rises usd/jpy falls. Mostly, that jpy is doing nothing.

Cheers, dude. Thanks for providing this info. Flat right now - seems a very brittle market at this current point in time. Given the lack of conviction overall, the only trades I see are when price "trespasses" past perimeter of given ranges - ie. ...

ugh, blast. however, assuming Abe doesn't shock the market beforehand, that may lend itself to a midyear move. if this support zone holds up, the foundation may be in place.

True. Lot's of bouncing off supp/res levels with no apparent direction. Which makes s/t pa more irrelevant - imo of course. GBP/JPY will happily follow USD/JPY either way it moves. Given overcrowding of USD longs, need JPY weakness. In a word: Abe.

personally, seeing traction in what is ultimately an uptrend.

I'd agree if it wasn't for Abe's unpredictability.

good points. But, there is a stark difference between this and ie Australia's RBA. I'll be watching GBP/AUD waiting for a s/t pullback - to jump onboard the larger-frame pullback.

There's a reason it's called the dragon. It moves a great deal, (when it IS moving). Personally, if I were you, I'd not enter right now, but wait for a strong stimulus to provoke it.

This is big news, no? ie what's with this relatively muted reaction we're seeing?