GBPUSD

Quoting trucco

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I see 2 possibilities :

1) BUY @ 1.8585 circa with stop @ 1.8556 circa with target 1,87
Probably would be better to buy lower then 1.8585. something like 1.8578 maybe
But if I see that there is no buy answer at 1.8575 then I doubt I would get long from there
risk -29 pips
reward +100 or more

2) if the price hits the stop @ 1.8556 then I would SELL between @ 1.8580 - 1.8590 circa with stop @ 1.8606 and target from 1.8490 and down
risk - 16-26 pips
reward +100

Just what i would set if I had oco orders types

there is no raccomandation in it.

This is just technical staff. If FED speaks crap, thats not in my possibilties

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Quoting trucco

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If price goes there, I could go LONG from between

@1.8605 - 1.8619 with stop @1.8579

target 1.8700 - 1.8750

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Quoting c1ro

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Is it for intraday trades? and what do u think for the reversal price?

Thanks!!

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Quoting trucco

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Yes, I usually look for trades in a short term entry.
Please note that this is what I would do in the next 2 hours if this price would be touched.
Before PPI I dont enter trades unless Im already in in the next 2 hours.

I prefer to wait the price comes to me, to have better chances, and in case of mistake to dont pay too much pips.

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Quoting Carlos

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hard to say, GBP bounced at the 1.8520 levle partly because it is a major round number area.. and banks always like being active at the around the 20 area. Also it was a 1.27 extension, a weekly S2 and a monthly S1.. all of these reasons meant that GBP was unlikey to break this level before having a breather!!

I think what happens to GBP might in part come down to the PPI data, due in about 90 mins. I am long, but also recognise that there are major resistance levels at 1.8740 and 1.8800. The only advice i can give u is.. trade what u see, don't be an analyst and try and predict.. there is a difference here that novice traders don't quite get there heads round.. surely u must have to predict to make money in this business.. my answer is no.. u just need a system with possitive expectancy.

Happy trading

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Quoting Geldmeister

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Cable has now exactly hit its downtrendline on the daily. Be interesting to see whether it can push through.

Given the slightly strange reaction to the $ news though I personally think that it will bounce off for now and either retrace or range around till tomorrow and the next news event.

Any other thoughts?

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Quoting 1Sundevil

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That GBP jump to 8765+ just killed me. What happened, any ideas??

GBPUSD-GBP bounced off its .382 Ret (Late Sept’06-Oct’06 decline) as mentioned in yesterday’s analysis and subsequently pushed lower to close at 1.8674 at the end of the day below its 100 ema.In an early morning trading today, higher level gains were rejected putting the pair back below the above mentioned levels.GBP’s short term outlook remains negative suggesting that the recovery will be followed with further downside price losses with its Oct’06 low at 1.2511 being the immediate target. With longer-term momentum studies pushing lower,a break of this level could be seen bringing 1.8384, its July 25’06 low into focus ahead of 1.8175, its July’06 low. A risk to this analysis would be a break above 1.8800/25 levels enroute to retesting its Oct’06 high at 1.8897.On the whole, downside price losses is likely as the pair’s short term outlook remains bearish.

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