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Cable Update (GBPUSD)

  • #487,621
  • Jul 29, 2019 2:16pm Jul 29, 2019 2:16pm
Quoting Wavegarrick
{quote} Hi Asgcorp
what's up man. Yeah, I do trade contrarian setups as well, but you need a more balanced market for it. Currently GBPUSD is a train wreck.
For a bounce play, I'd pick EURUSD going into FED. It fact that's the setup I've posted in my thread.
Break down of 1100 pending and a comeback into past 6 mnt range is almost guaranteed.
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  • #487,622
  • Jul 29, 2019 2:37pm Jul 29, 2019 2:37pm
Quoting asgcorp
GBPUSD set to challenge prev lows near 1.21/1.20. Here's a note by ING. "With the new government rhetoric on the hard Brexit firming (Michael Gove’s comments that “no deal is now a very real prospect”) and the rising likelihood of early elections, sterling should remain under pressure and ahead towards EUR/GBP 0.95 / below USD/GBP 1.20 levels over the coming months if early elections materialize and the Conservative party under PM Johnson runs on a ticket of a divisive Brexit stance vs the EU," ING notes. Also options players prefer downside now...
Shock
Me and you are on the same page again with our calls lol, I posted back here that I was expecting 1.21 beating ING too it
  • #487,623
  • Jul 29, 2019 2:43pm Jul 29, 2019 2:43pm
GU short(mid)-term plan on H4 for the bears (they will reign supreme for a while).
Wait for a bounce reaction and short sell upon re-test of the PCL near 2300.
PCL was supp now is res.
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  • #487,624
  • Jul 29, 2019 2:48pm Jul 29, 2019 2:48pm
At last usdx breaks below 97.77 to play down towards 97.67/64 limit. May try bull next day!! Breaks 2240 signal will look higher prices only.
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #487,625
  • Jul 29, 2019 3:00pm Jul 29, 2019 3:00pm
Done some number crunching for past quarterly ranges. Average comes out at 770 points.
Now the quarterly high (so far) was at 2700. So it's possible that we get a Q3 low at or near 1950.
What that means is that there's still significant downside remaining up to 300 points.
Best setup is to short sell rips near 2300 for target near 1950/2000.

Unless you believe in a miracle turnaround, but then again you'd have to believe in tooth fairies as well.
  • #487,626
  • Jul 29, 2019 3:49pm Jul 29, 2019 3:49pm
Comment 11 is a must-read:

https://www.forexfactory.com/news/93...o#post12408988
  • #487,627
  • Jul 29, 2019 3:53pm Jul 29, 2019 3:53pm
Starting to look ugly.

Beary ugly....
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Come with me if you want to live....
  • #487,628
  • Jul 29, 2019 3:57pm Jul 29, 2019 3:57pm
Looks like it’s on the move down now
  • #487,629
  • Jul 29, 2019 4:18pm Jul 29, 2019 4:18pm
a decent bounce is in fact possible closer to 2100, but don't be a hero yet and try catching a falling knife.
you fill likely blow up in a spectacular fashion.
  • #487,630
  • Jul 29, 2019 4:39pm Jul 29, 2019 4:39pm
Hi I have weekly bottom TL at 2086 regards
Quoting asgcorp
a decent bounce is in fact possible closer to 2100, but don't be a hero yet and try catching a falling knife. you fill likely blow up in a spectacular fashion.
  • #487,631
  • Jul 29, 2019 4:46pm Jul 29, 2019 4:46pm
Quoting AhmedFouad
It's very risky now. It might have bottomed near term at 1.8834/36 and managing to rally beyond 1.90 again. And if someone expects this, he may not be wrong because stochastic made a positive cross, a doji plus a bullish candle but thats not too enough. Someone else might come.. and say no, It's going down. and he also has good reasons. Why? GBPUSD almost touch the 1.8967-65 resistance, and it might be a place to find plenty of sellers. Also the bullish candle didn't close above 1.8953 bearish candle open. rather closed at 1.8946 All in all..Bullish...
Read the above .. now mirror the the the words are more or less the same but talking how low can it go and as we know the cable went up even more at this stage ... so can it go even lower !!! It’s looking like it can the above is the second post on this thread
  • #487,632
  • Jul 29, 2019 4:46pm Jul 29, 2019 4:46pm
.
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  • #487,633
  • Jul 29, 2019 4:51pm Jul 29, 2019 4:51pm
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that’s a big sell off . Look at the candle on the green line !! Are we going to see the same amount of pip drop .. the thing with cable is it always take any big move up or down right back ..
  • #487,634
  • Jul 29, 2019 4:55pm Jul 29, 2019 4:55pm
Quoting elbert3
{image} that’s a big sell off . Look at the candle on the green line !! Are we going to see the same amount of pip drop .. the thing with cable is it always take any big move up or down right back ..
The pound free-falling isn't a good look for Boris. Not a good look at all!! Is it a stretch to suggest a Trump-like no' 10 Downing Street initiated rally?

Bonkers check, anyone? Does that seem like an outlandish idea to you?
  • #487,635
  • Jul 29, 2019 5:00pm Jul 29, 2019 5:00pm
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Quoting mbrown
{quote} The pound free-falling isn't a good look for Boris. Not a good look at all!! Is it a stretch to suggest a Trump-like no' 10 Downing Street initiated rally?
Yes and the more no deal is said the worse it could get ?? Just took a trade here with tight stop .Regards E
  • #487,636
  • Jul 29, 2019 5:03pm Jul 29, 2019 5:03pm
Quoting elbert3
{image}{quote} Yes and the more no deal is said the worse it could get ?? Just took a trade here with tight stop .Regards E
And no one in their right mind is going to allow a vote against the quality of their employment in the first week of the job if they have the power to do something about it, right? Because a continuing freefall could do irreparable damage to them, right?
  • #487,637
  • Jul 29, 2019 5:08pm Jul 29, 2019 5:08pm
Quoting mbrown
{quote} And no one in their right mind is going to allow a vote against the quality of their employment in the first week of the job if they have the power to do something about it, right? Because a continuing freefall could do irreparable damage to them, right?
He is a maverick. He could just turn the tables one never knows could it be BORIS THE TERRIBLE....or BORIS THE INCREDIBLE..
  • #487,638
  • Jul 29, 2019 5:11pm Jul 29, 2019 5:11pm
Quoting elbert3
{quote} He is a maverick. He could just turn the tables one never knows could it be BORIS THE TERRIBLE....or BORIS THE INCREDIBLE..
He has the ability to release a statement or leak that boosts GBPUSD. He is certainly going to be aware of it weakening since he took office, a free-fall is a poor endorsement. It is a situation that requires controlling.
  • #487,639
  • Jul 29, 2019 5:11pm Jul 29, 2019 5:11pm
Quoting mbrown
{quote} And no one in their right mind is going to allow a vote against the quality of their employment in the first week of the job if they have the power to do something about it, right? Because a continuing freefall could do irreparable damage to them, right?
Watching the 1 hour candle close . One never knows it the big boys thing the retail have now gone short they long .. and we could just could be in with a big pay day . Fingers crossed
  • #487,640
  • Jul 29, 2019 5:15pm Jul 29, 2019 5:15pm
Just a chance ..while the uk sleeps
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