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Cable Update (GBPUSD)

  • #763,621
  • Aug 3, 2023 4:21am Aug 3, 2023 4:21am
Quoting Georginson
This time last week Thursday recorded weekly high of 1.2995 being 200 pips week range then. Price crashed from that high of 1.2995 to a low of 1.2760 the next day... This week so far has seen a crash of 200 pips so far and this month hasn't bought more than 5 pips from the open of 1.2836. can there be a total trend reversal today like it happened last week? if it does, then 1.2900 may occur... Wonder what BOE is cooking, I feel they are cooking something out of the extra ordinary for today and tomorrow.
I agree. I think we will see another 50bps coming up. We'll see..
But what Support did the price hit? I want to see at least 1.263 before price starts to reverse.
  • #763,622
  • Aug 3, 2023 4:22am Aug 3, 2023 4:22am
Quoting Scotteyy
I think if this 15M candle closes around this level I may consider entering a long targeting R1 (~12780). Whilst keeping my short open. Reasons for trade, near weekly S2, near daily S1, possibly liquidity grab from yesterdays low and bullish reaction from it. Also yen pairs looking like we may be looking at turning downwards longer term. EJ cant break the highs, looks like a liq grab on daily UJ.
Cancel that, gonna enter a long two mins before the news just as a hedge. Will keep short open.
  • #763,623
  • Aug 3, 2023 4:23am Aug 3, 2023 4:23am
Quoting TheWraith
{quote} I agree. I think we will see another 50bps coming up. We'll see.. But what Support did the price hit? I want to see at least 1.263 before price starts to reverse.
I agree, I'm looking at 0.5 increase.
  • #763,624
  • Aug 3, 2023 4:25am Aug 3, 2023 4:25am
Quoting Georginson
This time last week Thursday recorded weekly high of 1.2995 being 200 pips week range then. Price crashed from that high of 1.2995 to a low of 1.2760 the next day... This week so far has seen a crash of 200 pips so far and this month hasn't bought more than 5 pips from the open of 1.2836. can there be a total trend reversal today like it happened last week? if it does, then 1.2900 may occur... Wonder what BOE is cooking, I feel they are cooking something out of the extra ordinary for today and tomorrow.
Expecting 25bps hike but a hawkish press conference.
More time in the market, does not mean you trade better!
  • #763,625
  • Aug 3, 2023 4:28am Aug 3, 2023 4:28am
Quoting TheWraith
{quote} I agree. I think we will see another 50bps coming up. We'll see.. But what Support did the price hit? I want to see at least 1.263 before price starts to reverse.

Quoting Scotteyy
{quote} I agree, I'm looking at 0.5 increase.
Hi, might be, but the money is still on +0.25% only. Outside chance of +0.5% though.
Trader with an Edge.
  • #763,626
  • Aug 3, 2023 4:29am Aug 3, 2023 4:29am
Quoting Headland
{quote} {quote} Hi, might be, but the money is still on +0.25% only.
Someone said that market priced in 40% probability of 50bps rate hike here on this forum, can't remember who. That means, if BoE raises by 25bps Pound should tank.
  • #763,627
  • Aug 3, 2023 4:32am Aug 3, 2023 4:32am
Quoting Fardeen1209
{quote} Expecting 25bps hike but a hawkish press conference.
With the various US news releases on the heels of the BOE rate announcement, I believe that the actual rate change will simply get caught in the wash.
  • #763,628
  • Aug 3, 2023 4:35am Aug 3, 2023 4:35am
Quoting dantpm
{quote} With the various US news releases on the heels of the BOE rate announcement, I believe that the actual rate change will simply get caught in the wash.
Yes i agree US the news driving the market rn, causing all "good" support to not supporting price, but this Rate announcement is really crucial, in terms of where the UK terminal rate will be?
More time in the market, does not mean you trade better!
  • #763,629
  • Aug 3, 2023 4:41am Aug 3, 2023 4:41am
1.2625 for a bounce up.
If that fails, 1.2492.
Not interested in any other levels in between.
We watch the charts from every angle so you don't have to!!
  • #763,630
  • Aug 3, 2023 4:43am Aug 3, 2023 4:43am
...interestingly some commentators I have seen saying it's 1st time in history a Uk Chancellor saying recession was a price worth paying to tame inflation re Hunt's recent comments/interviews. they have short memories, Norman Lamont said it in 1992/93, the famous 'green shoots of recovery/Je ne regret rien' comments of his....and look what happened to him - Major (then pm) sacked him in favour of ken Clarke. Of course he had presided over Black Wednesday when Uk £ crashed out the ERM (forerunner to the €, courtesy of George Soros et al.) That may have been a factor too, lol!

Re rate rise, Boe Mpc isn't known for dynamic moves so +0.25% is the favourite, but as Fardeen1209 pointed out above, it's an important one (amongst important ones,) for the reason he gave, and because uk households are already feeling the pinch re mortgage rises and inflation double whammy!
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...that prev 1hr/4hr/dly sw lo zone that extended down to 2673 becomes pot sbr now and on dly extends to circa 2695.
Trader with an Edge.
  • #763,631
  • Aug 3, 2023 4:57am Aug 3, 2023 4:57am
Come on Bailey, don't screw my trade, daily.!
  • #763,632
  • Aug 3, 2023 4:58am Aug 3, 2023 4:58am
...@ current dly lo - testing bottom of that prev 1hr/4hr sw lo zone from 3rd July, - this swing lo zone the 1st test of the prev 1hr/4hr sw hi zone = pot rbs zone that on 4hr extends down to circa 2647, from 29th June. (see my 4hr chart in a post above.) Re pot supp zones on 4hr/dly; below these, the prev 4hr/dly/minor wkly sw lo zone that extends down to 2591 = prev supp = pot supp.
Trader with an Edge.
  • #763,633
  • Aug 3, 2023 5:12am Aug 3, 2023 5:12am
The bulls are getting the same battering as the bears did last month. From near 132 to 12650 could we be near the exhaustion? Less than an hour but if BoE are cooking something I can’t see a move above 128 just yet
Insane in the Brain..
  • #763,634
  • Aug 3, 2023 5:13am Aug 3, 2023 5:13am
Jul low broken. 1.2622 - 1.2604 to watch
Attached Image (click to enlarge)
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Air force
  • #763,635
  • Aug 3, 2023 5:17am Aug 3, 2023 5:17am
Today up, tommorow down? 45 minutes more.
  • #763,636
  • Edited 5:42am Aug 3, 2023 5:21am | Edited 5:42am
Attached Image (click to enlarge)
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Reuters poll economist favouring 25bps hike
More time in the market, does not mean you trade better!
  • #763,637
  • Aug 3, 2023 5:23am Aug 3, 2023 5:23am
Tommorows NFP should cover this Daily candle in my opinion and reach S at 1.2575.
  • #763,638
  • Aug 3, 2023 5:24am Aug 3, 2023 5:24am
Hello Guys,
well today is BOE Decision but it could be tricky 0.25 bps is expected now insted of 0.5
still NFP could make it tricky last time i mentioned 1.25 is POssible well it was close but this week Avoid the market it could suck in both Buyers and Sellers,
and honestly i dont see Pound going much lower then 1.25 it could test that but BOE may not make much difference, it will be NFP which will make the Medium Term Trend.
Don't compare your Trades with Others
  • #763,639
  • Aug 3, 2023 5:26am Aug 3, 2023 5:26am
.... price has touched the wjkly part of the prev 4hr/dly/wkly sw lo zone that extends down to 2591 and is in the (previously disrespected as pot rbs) prev dly/wkly sw hi zone that started @ 2679 and on wkly extends down to circa 2638

4hr below
Attached Image (click to enlarge)
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Trader with an Edge.
  • #763,640
  • Aug 3, 2023 5:27am Aug 3, 2023 5:27am
CADJPY SHORT..
283 pips
Attached Image (click to enlarge)
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