Cable Update (GBPUSD)

let's see what happens at 2.0230 - 61.8 fib on daily.

If you look at 4H cart there was good support at around 250. If cable breaks 300 I think that is were it will stop. I'll wait for clear movement 300 might still go!
(oh I forgot I am a newbie and not supposed to think, must follow all, so I'll blindly put in Long)

If next 5 minutes sends cable below 300, then I go long from 2.0285.

if not below 300, any immediate long will be fine

I am afraid it is too far for today.
I see max. bottom on 2.0280 (september fibo)

You couldn't be right more.
We are approaching the bottom trendline of the rising channel on both daily and weekly (2.0250-2.0280) area.
While it might briefly bust through this support, we are close to the perfect long entry.

Looks like the party has started.

It seems to be useless to go long today. Too many bears at the market, evidently.

After all, who would care to buy pound (for real) now, when there is a danger of BOE's cut tomorrow. Nonsence, you say? Would you expect BOC cut yesterday? With canadian fundamentals so strong?

If they don't cut, then we will see a really bullish market again, I think. The bears must cover their sells somehow, especially as Christmas is nearing and swap rates are eating...

all Broken Target Arround 270!!!!!!!

new expereince - ALL WRONG

why are we trying to fight the market?

I better go to sleep and wake up with new trade..

.....

first, there is nothing too far for today or for any day. the market is unpredictable.
second, i didn't say anything about that target being hit today. and it might not even be a reversal point.
2.0230 area is 61.8 fib (1.9651 - 2.1160). the thing is, price has already broken all support trendlines and it should now complete the retracement. look at the chart i posted: relevant fibs are at 61.8, 70.7, 78.6. look at the vertical blue line, so that you can see how CCI is behaving - no sign of reversal (and by that, i mean a bullish divergence and a break of that cci trendline).
sure, we might see some small retracement on h4/h1 (charts coming soon) but this is part of a pretty nice bearish move. i expect it to go to 1.9850 area...

almost same thing on h4 chart: no signs of retracement. CCI is OS, but for a retracement to occur on h4 i would expect to see a bullish divergence on CCI - at least.

and now h1 chart.
we MIGHT see a move up to 61.8 on h1, which is NOW at 2.0523. but for this i need to see CCI breaking that trendline AND above 0.
my guess is that we would see more to the downside before a retracement. but this is JUST A GUESS, you should always trade what you see.

me long 2.0284 sl be

daaaamn I chose the wrong day to hang out with friends

what was the cause for this huge down move guys ?

dont know, i was out today aswell, so missed it all

a number of large banks have changed their expectations about the rate decision tomorrow. They're wanting the BOE to cut rates

Maybe you were just lucky. Or would you expect the cable to tear through all the possible barriers without any explicit or strong reason?

The same is valid about FED. And still it was cable that was hit...

i think quicksilver already got margin call.....