GBP/USD -- 18 October Repeated

We are seeing the same trend as 18 October on GBP/USD 4 hour charts, consolidation and run up.

With respect to my comments here
http://www.forexfactory.com/forexforum/showpost.php?p=128905&postcount=4

Oh well I need to go on a vacation, my reading seems to be hitting the targets almost everytime.

I was expecting a repeat of 18 October and it happened, earlier last week I was expecting a repeat of 16 November and that happened too.

Oh well 9124 here we come blasting.

Oh by the way consumer confidence is always a followup for NFP ; dollar is gone, atleast for this week.

Hello,

All respect to your view. But I can't write off the dollar yet, even with a softer nonfarm payrolls. It would take a signal from Bernanke that next move in rates is lower, only then I would consider the dollar off the table.

With markets already pricing in risk for easing next year, dollar should hold. That's what I think.

Best wishes.

Dollar turns sideway today ahead of manufacturing reports from US and UK. Technically speaking dollar is now trying to borrow support from important near term support level. And, with continuous loss of downside momentum despite persistent weakness this week, odds has built up for some more consolidation first before Friday's NFP. But after all, risk remains on the downside for the greenback.

From European session, focus will be on UK manufacturing PMI, which is expected to drop slightly form 54.4 to 54 in Oct. From US, ADP employment, which is viewed as a preview to NFP, is expected to drop rise from 78k to 103k in Oct. ISM manufacturing index is expected to stay near to one year low of 52.9 reported last month and read 53.0.



All in all we are expecting more consolidation and a further fall in the dollar.

GBP/USD should trade above 9100 levels this week.