Cable Update (GBPUSD)

UK: Economists Favour Cutting Rates. Sydney December 3. The Sunday Times carries a piece quoting two high profile UK economists calling for a rate cut at the next MPC meeting on Thursday, to re-invigorate the slowing economy. Patrick Minford, a professor at the Cardiff Business School calls for a 75pt cut to stabilize the "fast-deteriorating" situation and Tim Congdon founder of Lombard Street Research, now at the LSE and a hawk on interest rates, favours a 50pt cut in order to restore normality to the banking system. A Reuters survey has only 15 of 56 City economists expecting a cut, due to inflationary pressures, but unless liquidity returns to the credit markets, the calls for the BoE to follow the Fed will grow.
GBP/USD has traded in a 2.0546/68 range this morning and looks set to range trade into the European open. Initial support and resistance come in at Friday"s 2.0535/2.0610 range. The Cable trades 2.0565/70.

Good Morning...

Price up and down...

Continue sleep...

Just woke up and i quickly short at 2.0576

why would you do such a thing?

Because i love to do such thing..

The price up and down.. i'm try to scalp and out with +13 pips.

If price go up again.. sell again from the top...

Ok,..new month..time to make some pips!

QS, I traded the same range also to scalp 10-15 pips both way.
BTW your overall analysis are brilliant, keep posting. We really appreciate your insights.

it may have been too early to put a trade in!!

Now we'll wait for the break of this range, (try not to get caught in a fake breakout).

or maybe not!!

looks like it could be a downtrend continuation pattern. will wait til london open for confirmation.

dont get caught, the gbp can be weak but eur/usd in clearly attempt to make a correction to the upside, that could spike the price of gu as well.

Good Morning! On daily cable retracted to Fib 23.6% on 4h retracted close to Fib 50% on 1H to 61.8% and holding on all these levels. I think retracment over and we will be playing "UP CABLE UP" this week as soon as it is finished ranging for you

If spike happen before reach 2.0532 i will buy, when spike finish i will sell...

look at screenshot

sorry but i think a daily chart take precedence over a M15, in fact i dont know if the ones who move the market look at M15.
also had no idea they were scalpers. lol.


http://www.forexfactory.com/attachme...1&d=1196639088

thats a though zone, i could go upward or downward, is being decided. we have a fibo retracement, and the base of a big uptrend movement.
i think its favored the upward zone cause is expected an usd sellof against other curencies.

what does your screenshoot tells? long or short?

i short at 2.0572.. with tiny lot just for testing the resistance.

micro lot?