Cable Update (GBPUSD)

naw hang onto that long... overall is up, you'll see

commodities are thru the rooooooooof.

could this 50 pip drop be because of the tax scandal now in britain ??????
they are talking about it on cnbc europe.

so, are you short or long?

short for the moment, overall Long like a Cow, You have no idea how many big boys are currently in a long lol...

Exactly, no idea... would you like to inform us about those big guys?

impressive recovery

I would like to know as well.

Why saying short and questioning the strong recovery... doesn't anyone take note of upcoming news?

Lots of major US data through this week, including 2 US Home Sales, with existing home sales coming up in a couple of hours time... Overall US economy sentiment is still down, and housing data isn't expected to be much different, so any sharp movement down for EUR, AUD and GBP, will likely bounce back up... from support/fib retrace levels

If anyone bought at the dip, would have been a steal, just some thoughts..

thank you

we are waiting to buy from a dip, the dip hasn't occured as yet. are you long?

dollar doesnt seem too weak today even though we have major numbers today for it.

[quote=4x_Trader;1867601]Tnx as well dobbie11 if you would notice the COT weekly reports are negative for the $ and technically speaking the cable attained foothold at 1.9361 last Wed and diverted focus from 1.9334 (Jan 22, this year low) to 1.9736 (Feb 14 high). It's imperative to break the latter and nullify latest 14-day RSI negative reversal signal and unleash subsequent rallies toward 1.9785/1.9821 (04 Feb high/31 Jan low), that would be my short-term analysis. However, if you would ask me re my long-term perspective kindly check my posts # 54402. Better to look north before south! Happy trading bro![/quo,
The COT is negative for the dollar except reguarding the pound. But that is here nor their. If we also look at the pattern that is unfolding here the low at 1.9334 is also corrctive an a 3 wave move down, the first step of wave A. The first wave correction of Wave A to the high of 1.9958 looks like wave 1 and the low of 1.9387 looks like wave 2 of the correction of wave A. It is very topical to go into a triangle Which is what we are in now. The Low on 2/7 being ( a ) , the high on 2/14 being ( b ), the low on2/20 being wave ( c ) this wave in my opinion is the confirming wave to this breaking the past low but not the past low on 1/22. The recent high on 2/22 is ( d ) , which means we have one more leg down before we go up to 2.014's.

On friday I stated to sell at 1.9695 I was off a day it reached it today. Then down. If the daily pivot holds then look for 1.9560 before another up move if the daily pivot doesn't hold then I still say sell but at 1.9700 - 1.9720.

Plus on top of all this with the pattern the high has yet to break the 38.2 fib retracment of the recent corrective down move started on 11/9/07.

Target after this down move to 1.94's is 2.2070 the 50 % fib retracement.

The 1.9580 is the 38.2 fib level of this recent up move and a perfect spot to take out long orders so 560 will do that. If 615 is taken out then it will happen. This is my outlook. Either way the market will do what it will do.

i think that was the dip

Well ive closed one of shorts from the top for profit and moved my stop loss to +4 on the other ,im trying with MM and im still sticking to my original plan im going to tp on my short at 9585 and start my first long there , if it drops further I will be looking to add to the long.

there was a spike in all currencies against dollar in the same instant.
wat the hell was that all about. seriously can someone explain it.

what a rolllacoster today is ..im thinking long
it longs like a retracement to 23.6 level on fib to go high (4hr chart)

im tricked ....i think we are down for a bit further negative divergence on 15 minute chart...(i think)

edit: sorry, realised this is a GBP/USD thread, i'm looking at the 3 pairs, but the thoughts below are on eur/usd

I entered eur/usd at 1.4800. Looking at m15 chart, price has bounced off 1.4800, 200ema and bottom BB. Also, notice the high volume buying at 1.4800. i'm speculating this is a bullish divergence for upcoming news. From past experience, on bad entries... usually within day of major US data, prices dip hours before, and if sentiment on news is strong, would price would pre-rally few hours before actual news release, and when it does it does a final shot in the expected direction depending on +ve/-ve news, and retrace quickly.

The long term outlook for EUR/USD is bullish, and it has yet to hit 1.492 resistance, so from current point, still a gap to close, and unless US news is amazingly good, it will most likely be an upward movement.

again this is just speculation... would love to hear some thoughts

im confused ....

well i sold and now am in @ 9650 short but the Existing Home Sales are crap.. california's housing prices have dropped 150k in the past 4 months and no buyer anywhere