Cable Update (GBPUSD)

Nice!!
And weekly my chart.
1.35 then 1.275.

I'll not buy this funny poundy shambles.
Wait??
Chart and all.
Double top done, lies said.... Let's just sell and wait...and sell.

well Carney kept to his name out the blue news made it partly ,but in fairness $ struck a killer blow also
Un-reliable boyfriend cooled the market ,but the name itself tells a story
if Quarterly can show seller now control before end or close bearish then we done ,of course eur gbp is bearish
just saying nearly as bad weeklies have failed out right before now ,that takes time ,if next candle looks like this its a sign your right

it's still 300 pips up in a uptrend ,
and odd it never made the major down ,monthly close soon

$ is in a downtrend still

Respect for your charts and all.
Takes a lot of patience to trade monthly.. etc..

I trade 30min now. Easy

I avoid cable...even when obvious...
If you know me i look for leaked info then decide...


GL

H4 and Daily chart shows that GU still in an uptrend, although price broke and closed below EMA 200 on H4 and EMA 50 on Daily. Rest of the month will be crucial to see if price will find support or continues to break further

Tough comments from Bank of England representative Sanders suggest that he is likely to vote for an immediate rate hike next month, but after Carney's warnings on this week, the market is no longer as strongly convinced of this as before, says Jane Foley, senior analyst at Rabobank.

"The purpose of the monetary policy Committee (MPC) is to assess the current state and operational impact on economic activity. From this point of view, it is difficult not to agree with the comments made by Karni on Thursday. However, it can be argued that the MPC statement in February was too strong and too dogmatic," she says.

Next week, the UK GDP report for the 1st quarter will be released. Bloomberg consensus is 0.3% QoQ. There are some economists who are downgrading their forecasts after a recent series of weak data. Rabobank still predicts that the Bank of England will raise rates in may. However, weak data recently cast doubt on the further tightening of policy later this year, says Foley. For the pound, a rate hike in may means customer support. Nevertheless, the influence of the regulator's decision on the currency will not be so noticeable if the Committee makes it clear that it does not intend to hurry further.

May will be an interesting month for the pound and for other reasons. Earlier this month, there was a lot of talk about the traditional seasonal factor supporting the pound in April. Most likely, this provoked the opening of a number of speculative positions on the purchase, which may have yesterday capitulated on the background of comments Karni, the expert suggests. May, of course, does not promise a pound of seasonal surge in demand, she says.

Another serious risk for the pound lies in politics. Media reports indicated that the EU rejected the British proposal on the border with Ireland. This reinforces expectations that the UK may have to stay within the customs Union. This is contrary to the Prime Minister's promises and will seriously undermine the authority of the government. For GBP, preservation in the customs Union will mean a reduction in uncertainty, which can be well received by investors, Foley believes. However, this may exacerbate the rift in the already fragmented ruling Tory party. Rabobank has forecast for the pair EUR/GBP at the level of 0.89 in three months.

Down to 1.39160 ish then looking for buys
target to 1.47-1.48 based on a cup but with the previous sell of just gone could possibly see a bear flag created which of the two patterns plays out im bullish from around 1.39160

I dont think Carney and BOE will raise in May, as he alluded to in his interview the Brexit and political risks are now extreme and will come to a head in the next few weeks.

There are in my mind 2 key UK political risks

1) House of Commons vote on a customs union which could happen as early as this week due to severe pressues from within her own party. Although this is not a legally binding vote, if May loses it will be a huge blow to her government and credibility. This will cetainly empower people who want to scupper Brexit plans and help the people who want a 'softer' Brexit.

If May softens her stance on the Custom Union members of the Harder Brexit element like Rees-Mogg and Johnson could trigger a no confidence vote in the Prime Minister. The PM is really in a tough place IMO trying to hold together the various elements of her own party.


2) Local elections on 3rd May. Depending on what poll/newspaper you read it is expected May and the Tories are going to perform badly and will likely lose many seats within London. This will weaken the Prime Minister further.


****

The prediction is she will lose the vote which will play into the hands of the EU and would make it so hard not to accept some form of CU. This would make a soft Brexit more likely and which in the short would make GBP stronger however there will be alot of political uncertainty.

If things go badly for May in the next few weeks she could end up standing down. You may think this is good news for the remainers and soft brexiteers but the people likely to capitalise in the Tory party is the hard Brexiteers. A more hard core Tory party would not be good longer term for the GBP.


Fascinating stuff politically and I believe will be the big news driver.

Hi K I don't trade the monthly but I chart it, also much higher than that

I would need d1 and then between h4 to 12hr as a general plan
I don't know what next exactly I have to watch my bullishness as w1 is due respect
depends is $ ready to break its range up as its right on it

all the twists and turns
the Q is a reliable gauge
this Q could be in that space totally

there's a gap up right now and its definitely on a tl and major pivot

Are you tracking GBPUSD this week? Consider this technical perspective.

On the daily time frame, a series of bearish candlesticks formed last week took price action southward within an ascending channel (magenta) where it has been operating since February 2018. Last week Friday, bears took price action further southward to breach the channel support. We may expect a retest of the channel support, or even a 50/61.8 Fib retracement, before impetus for a bearish continuation. Thereafter, we may see bears take price action toward the immediate horizontal support around the 1.38450/1.37640 area. An ascending trendline (black) seen on the weekly time frame may be a temporary barrier which bears would have to contend with.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

Thanks mate. Appreciated.

KP

The pair is still very bearish, immediate support can be found at 1.3960, break below could extend further on the downside.

Still looking very bearish in my opinion.

1.3850 to 1.4300 trading range for the next few days

Too many lines lol

the chance today for a little bit RALLY