Cable Update (GBPUSD)

might not be enough but it did shook things up a little.

High/Low Daylies
High: 1.9993 03:28:03 (am C.E.T)
Low: 1.9870 16:07:20 (pm C.E.T)

got in with 2 buys at 1.9888 and 1.9875.

TP : 1.9955

long triggered at 9900, hopefully a 40 pip stop will cover this ride up.

For 2 weeks, the highest was capped at 2.0060~70 but have taunted mid 1.98 several times too.

Dip Fishing at 1.98 again?
Or perhaps realize its a bear trend already?

yeah, I sidelined when it plays at 2.0xxx area.

Now seems that Cable is playing at 1.99xx area.

Next we may see 1.98xx-1.99xx... when this reached, 9500 is very much in sight.

Dumped both at 1.9915, will BUY again on DIP, BUY Pending at 1.9875

Any body buying cable at 1.99?

Im holding on to my 2.0060 sell till friday. Looks really bearish to me.

All of us "small fish" will buy at 1.99 but then again the "whales" out there will take it down to take our money

Keep calm...
Many fundamentals are still negative for $.

Such movements are "a normal behavior" for GBP/USD. average of 100/120 pips day moving.

Agreed.... However, 9860/50 area is being target for this correction. Market is pairing this USD weakness now.

Cable is being dumped across the board so far. USDJPY and EURUSD have stopped te USD frenzy already. But EURGBP soared from 6800 to 6830 today, an extremely excessive range for this pair... denoting Cable's weakness in the short term

I'm running high-low fib 0071/9870 as guideline for this correction, being 9917 the 23% fib, so keeping below it is bearish in the immediate/short term.

Another fib in the vicinities is the low-high 9590-0131. Important to notice that 9861 is 50% retracement level and VERY LIKELY to be traded before a swing back up (38% fib 9925 long gone).

The 9850/60 area is now very important because it holds the downwards channel's lower trendline. So likely to shelter a truckload of buyers in the waiting for good prices

H4 chart is forming a Bullish hammer!

Perhaps a Bull Run?

Major Risk Event is the NFP this week. Perhaps, wait for this event to consider making a long term Bull/Bear positions.

Currently, Im satisfied scalping 10-30 pips.

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Its now back to 1.9925 - the peak price after ADP was announced. Its 2 hours since it fell down to 1.9870, and 4 hours after ADP.
Break upward or fall back down.

Very short term again another inverse head and shoulders pattern has appeared on 5 min chart

Sell 1.9924 small stop for 1.9890 area

Hi Guys,I am new to fx trading.I find your forum very informative. You think tommorows Services PMI will have an Impact on GBP/USD and if a positive or negative result is expected. Thankyou.

Hi all

Thurday & Friday are holiday in Japan .... This will effect the market

Hey Bil...

This is what I got so far...

[UK APR CIPS/RBS SERVICES PMI] due for release on May 3 at 8.30GMT. We expect the services PMI for the month of Apr to ease in Apr as concerns about higher prices and interest rates begin to feature more highly. In the breakdown, the employment component is likely to correct upwards having fallen in Mar while incoming new business rose to 56.8 from 56.6 and could stabilise around current levels for Apr. The index is currently at levels consistent with further rate hikes with the implication being that the service sector is set to continue to support growth well into H1 2007.

Is it a pin bar formation on the daily chart?

hi all

buy Cable @1.9890 target 1.9932

thanks for your reply "cesarnc"

went long again too at 9900 target 19940, stop 9860 but I think 9880 will hold as support.

also short yen at 12020, target 11980, stop 2040