Cable Update (GBPUSD)

im long at 1.9619 SL break even ...

didnt get emotional since i was at work(this works ...lol) ....1.9600 area is a major support..round number too

hopefully tomorrow news will be good halifax release should send cable up ??

views on this apprecaited

good job buddy ..im with u all the way

Im hoping to make my pips with my e/u long and my g/u long then be done for the week. I have a goal everyweek if i meet it i stop.

Brown 'to blame for sterling's decline'

 

1. Heather Stewart, economics editor
2. The Observer,
3. Sunday June 1 2008
4. Article history

George Osborne, the shadow Chancellor, will launch a stinging attack on the government's economic record this week, blaming Gordon Brown for the devaluation of the pound, which the Tories claim is exacerbating inflation.
After lorry drivers blockaded the A40 trunk road in London last week in protest at rising fuel prices, the Conservatives are keen to pin the blame for high motoring costs on the government.
Darling has hinted that he could postpone October's planned 2p increase in fuel duty to placate angry drivers, and there have been suggestions that he could execute a U-turn on Budget proposals for increases in road taxes.
But when Osborne confronts the Chancellor in the House of Commons at Treasury questions on Thursday, he will point out that petrol prices have risen faster in the UK than in France or Germany. The Conservatives argue that this is because a weakening currency boosts inflation. They cite the Bank of England's recent Inflation Report, which said, 'a key factor behind the rise in import prices has been sterling's 12 per cent depreciation since July 2007'.
Over the past year, the pound has fallen faster against other world currencies than at any time since Britain left the European Exchange Rate Mechanism in 1992. Osborne insists it is the City's lack of confidence in Labour's economic policies that has driven sterling down.
'The devaluation of the pound coincides with the government's incompetent handling of the credit crisis and has directly led to more expensive petrol at the pumps for families,' said Osborne.
But the Bank has welcomed the decline in the pound, in the hope that it will boost exporters' fortunes, and a Treasury spokesman defended the government's record: 'We have record levels of employment, low and stable interest rates, and the public finances are sound and sustainable with low net debt.' He added: 'The government understands that businesses and families are feeling the pressure from high fuel prices, and therefore the Budget postponed the 2p increase in fuel duty until October.'

Ok that was unexpected on my part, lol ,though im not sure such an aggressive pull back was in the charts.
I’ve researched the situation we have with the gap.
We have technically traded over an important price point (daily pivot + weekly pivot) called “jumping the creek”

Chances are that that gap will close before Thursday as the market dose not like to leave possible orders in that gap before carrying on its journey .

Expect high volatility when we get there.

I’ve attached my demo feed from another broker as my feed doses not have a gap.(orange box)

I would like to see price get back into the old range before buying or on nice PA lower down.

why would you wait till the gap is filled? you will miss out on a good chunk of the move.

sometime goin to be late more better than goin to be wrong...
i try to become bones mind...hahaha...

Be careful with gaps people, not all gaps are filled in a short time (could take days or even weeks), and not all the gaps are filled...

I Think Cable Should Create New Low to 1.9560 Area Before Bounce and Filling The Gap

i went long at 1.9620, s/l 1.9560, t/p 1.9790, your new low is my s/l

Gap is not an issue here. Look for shorts this week and do not trade Friday.

don't look for shorts look for places to get long. Shorts are you kidding me

At this time I see no reason to be long. No technicals or fundamentals say to be long. The only reason I can think of to go long is wait for 1.9595 area and then go long there playing the bounce of support (double bottom and backside of 4hr tl) and hoping cable will continue the ranging environment from last week.

Good luck with the longs. Personally not trading tonight, so no signals, but just an observation, and if I was trading I'd wait for 1.9650 or 1.9656 to observe price action and short in that area as I'm biased to sell cable at this juncture.

well i went long at 1.9620, s/l 1.9560, t/p 1.9790, hope this don't bite me on the ass, good luck to all, we will have another ranging week i was able to tweek out 480 pips last week so im looking to do the same this week.

Could you pleaes explain your reason for going long?

short take care @ 605 area

short could be in play if it breaks 9580

Doesn't matter bud if you're right or wrong. As long as equity mgmt is fine you're in the clear. From the looks of RR though, 60 pip risk for 170 reward is very good. 1.9700 will be tough, but it looks like you're trying to play the gap being filled...hope it works out for you. By the way, would like to learn why you're long shooting for 1.9790.

Watchout 1.9560 area is 100% fibonacci if using daily closing graph (not candle stick)

sup moe

am not sure for short but 605 area could be a buy place , lets see