Daily Cable Analysis

so much for a pullback to 1.9500s I guess I missed that one

I thought we agreed not to use swear words . What's up with that?

Too much stress drives the mind crazy, haha

I was very happy to look at my charts this morning. Last night I entered a long at 1.9787 based the weekly trend being up and a recent DBLHC on the weekly (I uploaded a chart about this in my previous post). I set my TP at 1.9837 as that was very close to the December high. I didnt expect the price to break it so easily. The trade closed with a 50 pip profit for me, I only wish I had set a trailing stop for my position

Yeah me too I opened at 9766 and close @ 9816 for 50 pips also. Should have been 100+ if I waited longer. Maybe next time we should see these things upon learning from experiences.

Is IT still going up?

got it short @94

i like it there also, went short again at 9899 stop this time though @9930

i got some work to do

We shjould have a quick move to 9845 before another retracement

British Pound Hits New 14-year High Against The Dollar
23.01.07 16:30:00-CET time
The British pound rallied to a new 14-year high against the dollar on Tuesday, with traders flocking to the U.K. currency amid expectations that this month's surprise rate hike may be followed by another upward move. Meanwhile, the greenback came under broad selling pressure, touching a two-week low versus the euro, ahead of the release of the Conference Board's leading economic indicators for December. Economists polled by MarketWatch are expecting the index of leading indicators to rise 0.3% in December, up from 0.1% in the previous month. The dollar's falling "across the board on a combination of recovering oil prices and strong industrial production figures from the euro zone," said Ashraf Laidi, chief foreign-exchange analyst at CMC Markets in New York, in a note. However, the U.S. leading indicators data "may cool down the ensuing negative sentiment in the U.S dollar." In early New York trading, the euro stood at $1.3028, compared with $1.2947 late Monday, after rising to $1.3043, the highest level since Jan. 9. The dollar was quoted at 121.27 yen, compared with 121.62 yen. The British pound traded at $1.9892, compared with $1.9759. It had earlier touched an intraday high of $1.9915. The dollar also changed hands at 1.2387 Swiss francs, compared with 1.2491 francs. The euro fetched 158.02 yen, compared with 157.47 yen, after touching a new record high at 158.31 yen. Marc Chandler, global head of currency strategy at Brown Brothers Harriman, said that short-term technical conditions are "over-stretched" and as a result, the dollar is likely to "find firmer footing in the North American session." Sterling rallies Traders were buying sterling ahead of an evening speech from Bank of England Governor Mervyn King and the release of minutes from January's surprise rate hike. Though the new high was set during London trading hours, traders extended the pound's rally in early New York trading. Also, the Confederation of British Industry reported that January manufacturing output rose to a 12-year high in the last quarter. Since a surprise move by the central bank in early January to lift its key interest rate by a quarter point to 5.25%, statistics have showed that consumer-level inflation is running at a 3% pace, and that December retail sales jumped more quickly than anticipated, leading many to conclude the Bank of England will make back-to-back rate hikes in February. Should the Bank of England lift rates in February, it would be the third hike in four months. Sterling also benefited in trade against the dollar from an upward move in the euro on the back of surprisingly strong French data. French consumer spending on manufactured goods climbed a surprisingly strong 1.3% in December, well ahead of the 0.3% monthly rise that economists had forecast. Sterling/dollar "convincingly took out the 1.9770 level reaching highs not seen since 1992 and now appears to be headed for a challenge of the psychologically important 2.000 figure," said Boris Schlossberg, senior currency strategist at FXCM.

We are in another unique situation where the most recent line of resistance 9749 from 12/20 and 01/03 has been breached by a full candle (today) along with strong price action. Although most indicators are showing we are in overbought territory, and as much as I would love to see it come back down to appease my short position, from this point we could see a push to the 2.0020 to 2.0080 (r2/r3 from today) levels before a concentrated retrace.
Hmmmm, what to do! I think I'll watch and wait, for now.

NP

Can somebody please tell me what were the major factor(s) that casued the GDPUSD to move up to 1.9910 so quickly this morning?

price stalled at rsi 50 - removed .5 position at 74 for 20 pips

will keep original stop level on second half in anticipation of confirmed reversal on larger timeframe. 500 ticks to go

This movement confirms to me that we should see the 2's.

I had penciled in 2.0100-200 area at one time last month, but kind of brushed it aside.

I had a Long position last night, but my exit was too quick.

I have since stood on the sidelines cheering on the team.

I think were around the 10 yard line, and I am waiting for the Cable to score the touchdown, and give us the ball back. Sorry USD, your getting schooled.

Until then, I am sipping coffee, and relaxing with my profits in the bank for yet another day of trading.

If anyone got in on this one pt1 was achieved, stop goes to b/e and will hold until bubble comes to or below zero reading or 9827 bid, whichever comes first.

9848 being tested, key level- price will probably retrace some before coming back below this level

The BBC is talking about $2 to the £ again. Last time that happened it went down strongly. As soon as "everyone" knows a particular market is going in one direction then it usually goes in the opposite direction.

Thanks buddy.... So far so good...

keep it rolling here.

leugi, retrace to 9860, then down, or maybe 9865 before downward??