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Cable Update (GBPUSD)

  • #758,321
  • Jul 13, 2023 2:50pm Jul 13, 2023 2:50pm
Quoting Jolita
Someone said why you look at the monthly chart? This is why! We are close, will bounce soon. Don't think this upper lever is easy to break. Wait for about 40-50 pips higher, should be good sell.{image}
It was me saying that, admittedly I'm not well versed in the usefulness of trend lines but aren't you supposed to have at least 2 prior touches for it to be a valid? You have 1 touch showing and the current price. Can you show further back so its more clear?
  • #758,322
  • Jul 13, 2023 2:52pm Jul 13, 2023 2:52pm
Seems Taylor Swift concert prices gone way up without there being any wage compensation for it:

https://www.msn.com/en-gb/entertainm...go/ar-AA1dOOli
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  • #758,323
  • Jul 13, 2023 2:58pm Jul 13, 2023 2:58pm
Quoting Scotteyy
{quote} It was me saying that, admittedly I'm not well versed in the usefulness of trend lines but aren't you supposed to have at least 2 prior touches for it to be a valid? You have 1 touch showing and the current price. Can you show further back so its more clear?
I use trendlines but it takes a helluva lot experience. Example EU below. You need to decide on the relevant TLs tho but they do work and when they dont its obvious so time to GTFO
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  • #758,324
  • Jul 13, 2023 2:58pm Jul 13, 2023 2:58pm
Quoting tradexyz
{quote} TRADER'S CHEAT SHEET https://www.barchart.com/forex/quote...SD/cheat-sheet BARCHART OPINION for Thu, Jul 13th, 2023 https://www.barchart.com/forex/quotes/%5EGBPUSD/opinion
do you know if they have any fx option page? All i find is stocks, etfs and indices..
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  • #758,325
  • Jul 13, 2023 3:06pm Jul 13, 2023 3:06pm
I took this short.

( After trying and failing in short trades previously )

Hope this survives for rest of the week.
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Intraday only.
  • #758,326
  • Jul 13, 2023 3:12pm Jul 13, 2023 3:12pm
Quoting Scotteyy
{quote} It was me saying that, admittedly I'm not well versed in the usefulness of trend lines but aren't you supposed to have at least 2 prior touches for it to be a valid? You have 1 touch showing and the current price. Can you show further back so its more clear?
There is one higher up Nov 2007 crash was first Resistance, sorry picture doesn't fit on my mob screen, zoomed out view.

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  • #758,327
  • Jul 13, 2023 3:12pm Jul 13, 2023 3:12pm
Quoting navk
I took this short. ( After trying and failing in short trades previously ) Hope this survives for rest of the week. {image}
LOL. Don't get me wrong, may be it's the top but I thought about that since yesterday and market was making 5 new highs. Are you sure???

Ok, tomorow is friday, that could be a correction day, true.
  • #758,328
  • Jul 13, 2023 3:14pm Jul 13, 2023 3:14pm
Quoting JereMi256
{quote} A weekly close below 1.31327 would be good for bears. We should get a pull back to at least 1.295 before any further bullish pressure {image}
that’s a decent drop maybe Friday profiteering might give bears some space. Not sure what caused the USD to tank as much as it didn’t the data was better than last month but not as good as expected. UK data wasn’t as bad and yet it went on a spree.

in terms of retracting I’d look at 13050 first before anything else. Below that opens 12970-80 where a turnaround for 132-133 could happen.

also in recent years since Brexit the pair have been trading around 130-140 regions. So a move towards this area was expected. Trigger for a drop maybe is the next UK general election. As soon as that is announced and that could be the end of the year we migjt
see a move below 130.
Insane in the Brain..
  • #758,329
  • Jul 13, 2023 3:33pm Jul 13, 2023 3:33pm
Looks like this pair has power to go towards 1.32 tomorrow?
  • #758,330
  • Edited 4:34pm Jul 13, 2023 3:39pm | Edited 4:34pm
Quoting BeeTogether
{quote} that’s a decent drop maybe Friday profiteering might give bears some space. Not sure what caused the USD to tank as much as it didn’t the data was better than last month but not as good as expected. UK data wasn’t as bad and yet it went on a spree. in terms of retracting I’d look at 13050 first before anything else. Below that opens 12970-80 where a turnaround for 132-133 could happen. also in recent years since Brexit the pair have been trading around 130-140 regions. So a move towards this area was expected. Trigger for a drop maybe is...
If you look at chart before 7th of July and after for DXY, you can see autonomous movement of dxy in a predetermined pace. Not much of peaks and throughs, more of hills in a steady pace down.

Im thinking there are FED/government involved not foreign national or the overall market. Maybe FED buying back outstanding foreign debt. They are selling dollars by offering it for notes from,japan/china. Its smart to buy back debt from japan when yen is around its lowest, assuming you have to pay in yen for the notes.
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  • #758,331
  • Jul 13, 2023 3:48pm Jul 13, 2023 3:48pm
Quoting tradexyz
{quote} going up another layer S/L slayer {image} {image}

ok thanks man!!! No offense but there is so much stuff on your chart it is hard to see the price but as long as you know what is going on that is the important thing.
  • #758,332
  • Jul 13, 2023 3:50pm Jul 13, 2023 3:50pm
The COT reports will be very very interesting this week!!!! interesting indeed.
  • #758,333
  • Jul 13, 2023 3:58pm Jul 13, 2023 3:58pm
S/l at the 31400 resistance, bearish imminent
  • #758,334
  • Jul 13, 2023 4:16pm Jul 13, 2023 4:16pm
Quoting Ferna
{quote} do you know if they have any fx option page? All i find is stocks, etfs and indices..
Yes, they have FX too, search under more or menu, chose currencies.
GU
https://www.barchart.com/forex/quote...SD/cheat-sheet
  • #758,335
  • Jul 13, 2023 4:20pm Jul 13, 2023 4:20pm
Quoting Scotteyy
{quote} It was me saying that, admittedly I'm not well versed in the usefulness of trend lines but aren't you supposed to have at least 2 prior touches for it to be a valid? You have 1 touch showing and the current price. Can you show further back so its more clear?
I recommend to check these guys out,
trend lines explained here-
Inserted Video

They have other lessons on FX and Crypto.
  • #758,336
  • Jul 13, 2023 4:26pm Jul 13, 2023 4:26pm
Quoting TheWraith
{quote} We will know very soon if USD will start recovering.
We might see a retrace but I believe that all of the central banks are working with the US to devalue the US$.
At this moment, retail traders are funding the move. This is how the US gets it military goals funded. Not by taxing US residents but by devaluing the US$ to promote US business income (and tax income). In this way NATO partners don't have to 'anti-up' with their NATO commitments. All governments push for 2% inflation and simply print money to fund government stupidity. Instead of taxing the rich, governments are exploiting the middle class by triggering mortgage foreclosures.
  • #758,337
  • Edited 4:45pm Jul 13, 2023 4:34pm | Edited 4:45pm
Quoting Ferna
{quote} If you look at chart before 7th of July and after for DXY, you can see autonomous movement of dxy in a predetermined pace. Not much of peaks and throughs, more of hills in a steady pace down. Im thinking there are FED/government involved not foreign national or the overall market. Maybe FED buying back outstanding foreign debt. They are selling dollars by offering it for notes from,japan/china. Its smart to buy back debt from japan when yen is around its lowest, assuming you have to pay in yen for the notes.
Actually i might be wrong on this.

If i go back to what i been saying for a long time: the issuing of a new currency will devalue it’s old currency.
This is what happened in 100% of cases throughout history, why would this be an exception?

China, Japan U.K and the Cayman islands owns almost a 1/3 of U.S debt issued through treasury bills, notes etc.
The U.S debt is unsustainable for U.S, solution? - Issue a new currency(the outstanding debt is in USD not Digital dollar). Thus the debt can be re-paid to the holders of U.S securities, by printing USD(the old currency) cause it’s now worthless and its printing won’t cause inflation cause nobody will or can use it anymore(requirements by law on business owners/customers etc).

The digital dollar is gona be launched in July by FedNow! and this might be anticipated by foreign holders of debt like China and Japan to devalue all their holdings. Thus they are selling all the debt(to be paid in their currency in exchange for dollar) so they are selling dollar and buyers are bidding up yen, yuan GBP. The problem being the yuan which is pegged to the dollar.
Another problem is the U.S foreign debt have different maturation and conditions, so they cannot be dumped all at once.

We see the latest week 8th of June they sent Yellen to China to negotiate, in a few days they are sending John Kerry. They are basically sending all the clowns they have to settle the dispute.
Meanwhile China is doing all it can to maintain their assets, blocking rare earth metal/semi conductor exports, supporting BRICS-issued gold-backed currency. Clearly there are big negotiations going on behind the scenery.

U.S even going for Afghanistan Taliban negotiations to get this rare earth metals. Anyways the big issue is protecting asset values. But the big problem for U.S is its enormous debt, i’m not sure a new currency is the answer.
But i guess many investors are dumping stuff that may become potentially useless in the future, stuff valued in the USD, Euro and maybe in 2024 the GBP.

I dont think its a coincidence investors are fleeing the dollar, before the new digital payment system FedNow will be introduced in end of this month.
There is no info if it's only for national citizens or foreign nationals too. And also no info if debt can be transferred to the new currency from the old at same value.
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  • #758,338
  • Jul 13, 2023 4:36pm Jul 13, 2023 4:36pm
Quoting ninner
The COT reports will be very very interesting this week!!!! interesting indeed.
Why is that?
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  • #758,339
  • Jul 13, 2023 4:38pm Jul 13, 2023 4:38pm
Quoting Jolita
{quote} Yes, they have FX too, search under more or menu, chose currencies. GU https://www.barchart.com/forex/quote...SD/cheat-sheet
I meant options, you know Puts/calls and stuff for FX.

https://www.barchart.com/options
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  • #758,340
  • Jul 13, 2023 4:44pm Jul 13, 2023 4:44pm
Quoting Pat Chiko
{quote} SHORT ?. I copy you Bro. Thanks{image}
It looks like a short. But fundamentally, if we are at a crossing-point where people are trying to secure their money due to digitalization of currencies and government intervention. Wouldn't they try tie up their money into something of value, such as stocks, gold, commodities etc?
Do you have any good explaination for the rapid decline of the dollar this week? i know i don't
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