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Cable Update (GBPUSD)

  • #753,921
  • Jun 23, 2023 3:49am Jun 23, 2023 3:49am
Quoting TheWraith
{quote} We are no longer in downtrend on Weekly chart is what I'm seeing. Price broke through 1.268 back then and now this line actually acts as Support. Just my opinion. Fundamentally, GBP should start appreciating against USD in view of that there is still no sign of recession and Bailey stated that they are nowhere near done hiking while Fed just paused for now.
We are no longer in downtrend on Weekly chart is what I'm seeing.
Maybe you mean no longer in a down SWING rather than down TREND? Because Weekly TF has been in an up TREND ALL of this year!
To free Gazans of Hamas, use whatever it takes.
  • #753,922
  • Jun 23, 2023 3:51am Jun 23, 2023 3:51am
So if we look at Manufacturing PMI for U.K it has been under 50 for 10 months now, thus indicating heavy industrial contraction.
GDP seems to jojo back and forth every quarter. Housing problems.

Still i dont know which more criteria has to be fullfilled for technical recession?

I mean that the employment numbers are a bit useless indicator after Covid-19. Many people either got destroyed by Covid, got long covid, had an adverse reaction to a vaccine or simply didn't want to return to their workplace.

Ofc the labour market appears strong then! it's not about an industrial expansion, it's more about an aging population and above mentioned issues from covid.
Labour market statistics needs to be taken with a grain of salt, or not be included in recession criteria.
Just my opinion ofc.
You have an IQ lower than 90 if you interact with this user.
  • #753,923
  • Jun 23, 2023 3:58am Jun 23, 2023 3:58am
Quoting karankeni
DXY is shooting up so is GU..Preety confusing
Include EURGBP in your view and you can see why it is possible for there to be a strong USD yet GBPUSD goes up--because GBP became even stronger, as evidenced by EURGBP going down. Not confusing at all. Rather, quite logical.

Just as restricting your TFs to just one or two severely limits the information that you are evaluating, so too, does limiting the number of instruments.
To free Gazans of Hamas, use whatever it takes.
  • #753,924
  • Jun 23, 2023 4:03am Jun 23, 2023 4:03am
Quoting Theoak
Quick 10 pip scalp long in at 1.2712 target 1.2725
Still in this trade, but could go either way. When it comes out of this consolidation will pull the trigger
Don't trade what you think. Just what you see!!!
  • #753,925
  • Jun 23, 2023 4:07am Jun 23, 2023 4:07am
Quoting DrDave
{quote} We are no longer in downtrend on Weekly chart is what I'm seeing. Maybe you mean no longer in a down SWING rather than down TREND? Because Weekly TF has been in an up TREND ALL of this year!
Yes. Mixed the phrases there. Thanks!
  • #753,926
  • Jun 23, 2023 4:07am Jun 23, 2023 4:07am
Not often you see the EU drop more than the GU.
Insane in the Brain..
  • #753,927
  • Jun 23, 2023 4:08am Jun 23, 2023 4:08am
Quoting ScalaFX
in my opinion time to short arrived, when no Im sorry, dont copy me
People don't plan to lose. They lose because they don't plan.
  • #753,928
  • Jun 23, 2023 4:10am Jun 23, 2023 4:10am
Quoting ScalaFX
{quote} exactly Whale, maybe 256x today? Will see GU likes 200 pips like EU 100, long time no see
EU almost, what with GU, can make it? Lets see
People don't plan to lose. They lose because they don't plan.
  • #753,929
  • Jun 23, 2023 4:10am Jun 23, 2023 4:10am
Quoting donfriday
75 pips above 1.2750 hesitation zone 75 pips below 1.2750 end of hesitation zone Market need to cool down see you at the 1.2675

End the of hesitation zone
MY OPINION NOT FINANCIAL ADVISE
  • #753,930
  • Jun 23, 2023 4:12am Jun 23, 2023 4:12am
...so, Uk retail sales beat forecasts, and then Pmi manuf/services undershot last mth's and forecasts - mixed morning then re data for Uk. U.s Pmi later. 1hr range lo - (week's lo/the then current wkly lo) breached in that last data move but 1st b/o was false....will it go for another b/o or stay in the recent 1hr range? New current dly/wkly lo is 2684, and intraday is bearish so far - a downside follow-thru on y/day's bearish-bodied inverted hammer dly candle close.
----------------------------------------------

4hr below
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Trader with an Edge.
  • #753,931
  • Jun 23, 2023 4:25am Jun 23, 2023 4:25am
price testing broken WP now, hold or not, when yes I will hold my shorts little longer
People don't plan to lose. They lose because they don't plan.
  • #753,932
  • Jun 23, 2023 4:25am Jun 23, 2023 4:25am
Quoting Headland
...so, Uk retail sales beat forecasts, and then Pmi manuf/services undershot last mth's and forecasts - mixed morning then re data for Uk. U.s Pmi later. 1hr range lo - (week's lo/the then current wkly lo) breached in that last data move but 1st b/o was false....will it go for another b/o or stay in the recent 1hr range? New current dly/wkly lo is 2684, and intraday is bearish so far - a downside follow-thru on y/day's bearish-bodied inverted hammer dly candle close. ---------------------------------------------- 4hr below {image}

Put another way it suggests retail inventories are drying up. Demonstrates that higher interest are slowing the economy.
  • #753,933
  • Jun 23, 2023 4:27am Jun 23, 2023 4:27am
We are below an important level for me at 1.27272 and as long as we stay below I will be looking for short trades. I am also getting bearish confirmation signals from a 4hr perspective and have entered some shorts at 1.27082. Target 1.26000 to 1.25500.
Trade safe.
Cheers.
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Trade to trade another day
  • #753,934
  • Jun 23, 2023 4:31am Jun 23, 2023 4:31am
Quoting Wavegarrick
We are below an important level for me at 1.27272 and as long as we stay below I will be looking for short trades. I am also getting bearish confirmation signals from a 4hr perspective and have entered some shorts at 1.27082. Target 1.26000 to 1.25500. Trade safe. Cheers.
People don't plan to lose. They lose because they don't plan.
  • #753,935
  • Jun 23, 2023 4:35am Jun 23, 2023 4:35am
Quoting Ferna
Euro news usually have no market impact, why did this one have an impact?
Ours is not to wonder why.
Ours is but to sell or buy
or stand aside and watch--
and laugh or cry.
To free Gazans of Hamas, use whatever it takes.
  • #753,936
  • Jun 23, 2023 4:38am Jun 23, 2023 4:38am
Quoting DrDave
{quote} Ours is not to wonder why. Ours is but to sell or buy or stand aside and watch-- and laugh or cry.
The Charge of the Retail Brigade ?
Trader with an Edge.
  • #753,937
  • Jun 23, 2023 4:46am Jun 23, 2023 4:46am
Quoting DrDave
{quote} Ours is not to wonder why. Ours is but to sell or buy or stand aside and watch-- and laugh or cry.
Shall we call you Tennyson from now on?
  • #753,938
  • Jun 23, 2023 4:50am Jun 23, 2023 4:50am
Buy DS1 1.2701
  • #753,939
  • Jun 23, 2023 4:52am Jun 23, 2023 4:52am
Quoting Fardeen1209
{quote} There is EQH, 4hr OB/Demand zone, Structure upward, Inducement, and 38% fib level, at ~1.266. Decent reasons to test that buy level.
If price is trending up, look on the left where the last closest Sell ended. Vice versa for price trending down. Range, tops and bottoms.
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  • #753,940
  • Jun 23, 2023 4:52am Jun 23, 2023 4:52am
Quoting josi
{quote} Shall we call you Tennyson from now on?
The choice is yours . . .

P.S. Among my accomplishments is International Poet of Merit and recipient of the Editors' Choice Award.
To free Gazans of Hamas, use whatever it takes.
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