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Cable Update (GBPUSD)

  • #11,241
  • Apr 25, 2007 6:51pm Apr 25, 2007 6:51pm
I don't about that euro... with the double top and all it might just keep going down.

on the longer term basis, i'm thinking of building up shorts over the 136 level, I think a retrace to 134 level is in order before a run to 138 and higher levels. If we do see a run past 3666, I think upside will be capped at 13715-25 area if it even gets that far, my gut says 3680's is the top, but what does my guts know about forex trading
  • #11,242
  • Apr 25, 2007 6:55pm Apr 25, 2007 6:55pm
btw for those who like to read, I found this to be interesting

Era of the Dollar is Over
  • #11,243
  • Apr 25, 2007 6:59pm Apr 25, 2007 6:59pm
I'm looking at two signals to go long to at least 038, but (big BUT) the thing is still going south for at least a little while. Also there was a signal for the g/j to go up that hasn't been honored yet. So like you I'm waiting for a clear signal before jumping in.
  • #11,244
  • Apr 25, 2007 7:13pm Apr 25, 2007 7:13pm
I never noticed any paragraph issues

probably because I never tried or looked?

btw any idea of what time frame that japan bank rate news is going to happen? or is that the one with no particular time frame?
  • #11,245
  • Apr 25, 2007 7:15pm Apr 25, 2007 7:15pm
Quoting leelee75k
btw for those who like to read, I found this to be interesting

Era of the Dollar is Over
Perfect image...

I don't go with your "pullback / push up" scenario exactly because of this dollar aversion here... USD-index already in the Mayday! Mayday! area breaching one support after the other, printing one lousy econ data after the other, even Bernanke was ignored today as a dead dog.

Dollar is currently at 2005 levels, not showing the minimal intention for pullbacks.

A possible - POSSIBLE - scenario would be a massive carry trade carnage in the aftermath of the upcoming JPY news as to inspire some profit takings in EUR and GBP. But that will certaily be followed by an enormous push up in the intention of getting rid of the dollar A.S.A.P.
  • #11,246
  • Apr 25, 2007 7:39pm Apr 25, 2007 7:39pm
oh those enigmatic carry trades, love them and hate them because they threw a wrench in the gears at any time.

I'm not 100% confident in my scenario either, but it's a possibility, just like that 19999 crack pipe dream we were having a few weeks ago. anything is possible and overall dollar weakness is the current sentiment to favor, but i wouldn't forget what gold did a month or two back before soaring to its current highs, and it's possible that the dollar can make just as quick of a comeback based on things said and done by those who have most control of this market.
  • #11,247
  • Apr 25, 2007 7:46pm Apr 25, 2007 7:46pm
[GBP/USD] was able to keep its head above the 2.0000 handle trading from an earlier high of 2.0064 to an o/n low of 2.0005 after a slightly better than expected US data gave the USD a fillip. Data release in the UK saw preliminary Q1 GDP growth of 0.7% q/q and 2.8% y/y which were consistent with market consensus. The pair weakened a tad due to the underlying weakness in the report which saw strong construction growth but the service sector and industrial output weakened. The housing market has been the primary driver of growth and we expect this continue for some time to come.

With the BOE likely to hike interest rates next month, another test above the 2.0100 cannot be ruled out. Buying orders at 1.9990 by a US Prime will support and selling orders at 2.0050 by a Dutch name will protect the upside. UK nationwide house prices due at 0.0600 GMT
  • #11,248
  • Apr 25, 2007 8:01pm Apr 25, 2007 8:01pm
breaking out of this range now I hope..
  • #11,249
  • Apr 25, 2007 8:05pm Apr 25, 2007 8:05pm
1 hr and 15 min sto oversold and turning north.
  • #11,250
  • Apr 25, 2007 8:34pm Apr 25, 2007 8:34pm
i better TP now, at 0030. close short from 0050.
I Deeply Love My Virtual Life In Virtual World , RLC
  • #11,251
  • Apr 25, 2007 11:22pm Apr 25, 2007 11:22pm
Quoting cesarnc
Today's price action was tricky. 3rd day in a row failing to break 0060s.

UK GDP was GBP Positive.
US 2 Housing data were very USD Negative.

Yet these failed to break the 2.0060 resistance.

Perhaps it is time to sell at rallies instead of buying the dips. Unless the market is ranging!
  • #11,252
  • Apr 25, 2007 11:34pm Apr 25, 2007 11:34pm
Quoting BurgerKing
UK GDP was GBP Positive.
US 2 Housing data were very USD Negative.

Yet these failed to break the 2.0060 resistance.

Perhaps it is time to sell at rallies instead of buying the dips. Unless the market is ranging!
it would not be a bad idea to short cable with stop @ 2.0060.

i wouldn't count on selling on rallies though.

i will wait a while. i can afford to.
BAM BAM BOOM! -bravado
  • #11,253
  • Apr 25, 2007 11:54pm Apr 25, 2007 11:54pm
If cable can't pass 2.0070 it'll prolly go down to 1.9800.
Tra-X
  • #11,254
  • Apr 26, 2007 12:01am Apr 26, 2007 12:01am
Quoting BurgerKing
UK GDP was GBP Positive.
US 2 Housing data were very USD Negative.

Yet these failed to break the 2.0060 resistance.

Perhaps it is time to sell at rallies instead of buying the dips. Unless the market is ranging!
There seem to be sizable offers around 50....it wouldn't go above 100 as I read somewhere that a big FI is offering (options protection?).
  • #11,255
  • Apr 26, 2007 12:04am Apr 26, 2007 12:04am
By the way, I see everyone is working early today!!
  • #11,256
  • Apr 26, 2007 12:19am Apr 26, 2007 12:19am
Quoting dunningduke
By the way, I see everyone is working early today!!
I for one am patiently waiting for some good action.
  • #11,257
  • Apr 26, 2007 12:40am Apr 26, 2007 12:40am
Quoting dunningduke
By the way, I see everyone is working early today!!
If you´re going to day trade cable, you must be ready by the Frankfurt Open! http://www.forexfactory.com/images/icons/icon12.gif

Yesterday, it put on 30 pips from the FO. This morning, its already close to yesterdays high, 25 mins before the FO...will it break up or hold in the 60s?

No important data, except house prices in 20 mins.
Trading Levels with WRBs
  • #11,258
  • Apr 26, 2007 12:45am Apr 26, 2007 12:45am
Quoting Traex
If cable can't pass 2.0070 it'll prolly go down to 1.9800.
This elsewhere.
Quoting Why Oh Why
The slightly higher Sell Limit which was missed yesterday by 2 pips remains at 2.0063.
Do not focus on making money; focus on protecting what you have.
  • #11,259
  • Apr 26, 2007 1:05am Apr 26, 2007 1:05am
UK house prices show a rise of 0.9 vs estimate of 0.6....so positive for GBP
Trading Levels with WRBs
  • #11,260
  • Apr 26, 2007 1:25am Apr 26, 2007 1:25am
Quoting Islander
UK house prices show a rise of 0.9 vs estimate of 0.6....so positive for GBP
Is this more news to confirm the inflation rate and in the end.. the rate hike??
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