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Cable Update (GBPUSD)

  • #581,061
  • Feb 28, 2021 10:10am Feb 28, 2021 10:10am
the drop is not over , there will additional 100 pips down to go
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yes yes yes
  • #581,062
  • Feb 28, 2021 10:48am Feb 28, 2021 10:48am
It Will go much Down But since its the weekly close and monthly close there is a scope/chance of good retrace

My Target stands put 1.40340 but incase it drops I will close it on first glimpse and take nice Long Sell

Ok See You
  • #581,063
  • Feb 28, 2021 10:58am Feb 28, 2021 10:58am
In my view there is no SELL guyz.
1) The US House of Representatives passed President Joe Biden's $1.9 trillion coronavirus relief package by 219-212 votes.
Also on Saturday, President Biden called on the Senate to pass the stimulus bill.
2) Over the weekend, news pointed out that UK finance minister Rishi Sunak would announce this week 5 billion pounds of additional grants to help businesses hit by the pandemic, in his budget statement next Wednesday.
Both this are dollar NEGATIVE
And GBP can start rising right from early Monday
  • #581,064
  • Feb 28, 2021 11:03am Feb 28, 2021 11:03am
Quoting helioss
{quote} It isn't indicator but a simple Excel spreadsheet
Ok I See But its Drawing this data from somewhere is it your Broker
  • #581,065
  • Edited 11:45am Feb 28, 2021 11:05am | Edited 11:45am
Quoting Marbas
In my view there is no SELL guyz. 1) The US House of Representatives passed President Joe Biden's $1.9 trillion coronavirus relief package by 219-212 votes. Also on Saturday, President Biden called on the Senate to pass the stimulus bill. 2) Over the weekend, news pointed out that UK finance minister Rishi Sunak would announce this week 5 billion pounds of additional grants to help businesses hit by the pandemic, in his budget statement next Wednesday. Both this are dollar NEGATIVE And GBP can start rising right from early Monday
I hear you but consider:

-The stimulus is not a surprise it was widely expected to pass so the information may already be priced in. Remember the event in US Treasuries which is dollar bullish
-Most of the Budget statement is leaked in advance but if there is credible tax and spending plans it may encourage Gilt buying and push yields down which could be GBP negative
-Indices are in correction mode and may well have quite a bit further to go, this could push up the dollar, it looks like it has room to run after a bit of retracement

On the bullish side we are coming off of a daily demand zone, there is a 1hr zone at 1.3839-65 which i'd like to see before buying. GBP yields still very high. All this depends on what happens with the dollar next wk.
  • #581,066
  • Feb 28, 2021 11:07am Feb 28, 2021 11:07am
Quoting Marbas
In my view there is no SELL guyz. 1) The US House of Representatives passed President Joe Biden's $1.9 trillion coronavirus relief package by 219-212 votes. Also on Saturday, President Biden called on the Senate to pass the stimulus bill. 2) Over the weekend, news pointed out that UK finance minister Rishi Sunak would announce this week 5 billion pounds of additional grants to help businesses hit by the pandemic, in his budget statement next Wednesday. Both this are dollar NEGATIVE And GBP can start rising right from early Monday
And If It Keeps Rising I Will Keep Buying until it proves otherwise Haha
  • #581,067
  • Edited 11:59am Feb 28, 2021 11:09am | Edited 11:59am
The budget will have more of an effect than the stimulus package similar to Brexit day as it was already priced in.

also been following the weekend cable pairing woke up early Saturday morning to see it had dropped to below 139 but it has since gone up by over 9 pips.
Insane in the Brain..
  • #581,068
  • Feb 28, 2021 12:33pm Feb 28, 2021 12:33pm
Quoting BeeTogether
Tbut it has since gone up by over 9 pips.
26 already
Like I said earlier, I dont expect GBP to go down this week
  • #581,069
  • Feb 28, 2021 12:44pm Feb 28, 2021 12:44pm
Quoting Marbas
{quote} 26 already Like I said earlier, I dont expect GBP to go down this week
we will see
  • #581,070
  • Feb 28, 2021 3:17pm Feb 28, 2021 3:17pm
H4
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  • #581,071
  • Edited Mar 1, 2021 11:09am Feb 28, 2021 3:31pm | Edited Mar 1, 2021 11:09am
Quoting W0lfram
Can't breathe{image} Yep, sweet shooting star on 2W TF{image}
piercing line never has a long wick north comparable ,it must close below 50% of the bullish=the lower it close into candle 1 the more powerful it is.

when you combine w1 like that, then because of the weak close
{should we go with no history Andrews research }
it never closed in the previous candle on 2 week ,it also has potential problems.
But I always say pay attention to wicks regardless.The longer the better.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #581,072
  • Feb 28, 2021 3:37pm Feb 28, 2021 3:37pm
Quoting W0lfram
{quote} One thing must be perfect like in the schematic illustration you googled, but second shouldn't, bc 'it's real world, you know'? Pics from google is a heavy argument, I can't handle it. why didn't you show this picture, for example? {image} Patterns have descriptions by which they are identified, surprise-surprise. The current formation meets all the requirements to be called a dark cloud. So why it's not? Do you have some (serious) cognitive issues? You can call it shooting star, I don't mind.
You want to call it something completely different because the lower wick is a tad too long for the picture ,
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #581,073
  • Edited 4:35pm Feb 28, 2021 3:52pm | Edited 4:35pm
Quoting W0lfram
Can't breathe{image} Yep, sweet shooting star on 2W TF{image}
It could take time to turn
it may want to dance a bit and retrace ,this high is significant ,the best bet for the bulls imo is to test slightly higher.
We have to be careful of government intervention for over a year.

My observation is stimulus in these conditions is bullish, and I've laid out detailed reason why in my fundamental view post.
Helicopter money will circulate in an economy and is spent more than once in a nut shell .Once dropped it can really skew things in the short term.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #581,074
  • Feb 28, 2021 3:54pm Feb 28, 2021 3:54pm
Bears on the GBPUSD market operation are increasing their influence. Meanwhile, GBPUSD price action on the daily time frame is in an expanding wedge (blue). A shooting star was formed last week at the wedge resistance trendline. This was followed by bearish candlestick prints on Thursday and Friday. Any further bearish drive will likely see bears target the wedge support trendline or the horizontal support area around 1.37320 (green).

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #581,075
  • Feb 28, 2021 4:29pm Feb 28, 2021 4:29pm
GU will find long term resistance starting 1.4060s and possibly up to 1.4100-20, a base above 1.4120 will open the sky for bulls, while on downside 1.3860 is an important support, a base below will take the pair to 1.3760-30 strong support that should lead to a bounce upward. If 1.3730 level get based below later on, the slide can reach to around 1.3330 that should hold the pair from falling in March and give a nice upward bounce back to 1.3730-60
The downward movement looks to be more favourable with wide range of pips but on upside a steady base above 1.4120 might turn to be fatal for bears.

Place your entries, TP/SL according to the above...
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
  • #581,076
  • Edited Mar 1, 2021 11:10am Feb 28, 2021 4:56pm | Edited Mar 1, 2021 11:10am
Quoting Marbas
In my view there is no SELL guyz. 1) The US House of Representatives passed President Joe Biden's $1.9 trillion coronavirus relief package by 219-212 votes. Also on Saturday, President Biden called on the Senate to pass the stimulus bill. 2) Over the weekend, news pointed out that UK finance minister Rishi Sunak would announce this week 5 billion pounds of additional grants to help businesses hit by the pandemic, in his budget statement next Wednesday. Both this are dollar NEGATIVE And GBP can start rising right from early Monday
yes this is into the real economy ,be interesting
Don't forget Yellen is going to empty the high reserves in the Government account over a few months of over 1 trillion into the economy .I assume thats additional to the 1.9 T going through as I've seen no connection mentioned+ that bill isn't even passed yet....
My guess is they saved that bazooka all along.
This is Sneaky

It's not a straightforward as you'd think
Even support direct to business is not the same as direct payment to every man woman and child.I think Sunak is talking loans.... Governments tend to get massive schemes like this wrong, let's see what he spends in this budget and judge the reaction.
Also the 1.9 has to pass the other house yet.As I say,I think is initially USD bullish against most peoples knowledge.
Maybe over the next Q as a time frame depending on Stimulus pass/cheque issue.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #581,077
  • Feb 28, 2021 5:18pm Feb 28, 2021 5:18pm
'evening fellas,
seems to be heading to 1.3972.
If you don't know how to earn money, don't loose it.
  • #581,078
  • Feb 28, 2021 5:35pm Feb 28, 2021 5:35pm
Quoting coolmakina
'evening fellas, seems to be heading to 1.3972.
seems like good place to short, let's see the PA there?
If you don't know how to earn money, don't loose it.
  • #581,079
  • Feb 28, 2021 5:48pm Feb 28, 2021 5:48pm
Quoting coolmakina
{quote} seems like good place to short, let's see the PA there?
seems to be testing quarter RN
If you don't know how to earn money, don't loose it.
  • #581,080
  • Edited 6:20pm Feb 28, 2021 6:03pm | Edited 6:20pm
Quoting Bones
{quote} piercing line never has a long wick north comparable ,it close below 50% of the bullish=the lower it close into candle 1 the more powerful it is. when you combine w1 like that, then because of the weak close {should we go with no history Andrews research } it never closed in the previous candle on 2 week ,it also has potential problems. But I always say pay attention to wicks regardless.The longer the better.
Please stop already. It's not funny anymore. Check your eyes/brain, then check charts.
Divede previous week into 60 hours, red rectangles -- wicks
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Air force
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