Cable Update (GBPUSD)

Hey, why not seeing 9800 tomorrow despite the news?

Too much effort here to keep price above 9680 and NO second assault to the 9725 - 9730s as usually happens... Seems like an effort to keep it high...

Just a thought....

I still don't know how the market will react to expected no-hike tomorrow...

Pool? Case no-hike:

a) Good! It wasn't a cut so let's practice some TP at 9800s
b) Bad! No hike! Sell!!! Sell!!! Sell!!!

With unexpected hike or cut, we'll know what is going to happen.

A then B then B some more Then A! dam gu is unpredictable

eurgbp & gbpchf kept cable down. All cross activity today. No usd movement.

WE ARE HEADING...... EAST!

http://i2.photobucket.com/albums/y28/cesarnc/feb7-1.jpg

Just kidding a little... If i had an answer I wouldn't be looking at this chart anymore... Guess no anything for the day, except is carries decide to fool around a little... BOE for tomorrow and good luck for us!

hehe, cable & EUR sure are stubborn today. They just won't fall ;-)

[CABLE] has remained trapped in narrow range around the 1.9700 handle during the day, buffetted by conflicting cross flows and a general lack of enthusiasm ahead of Thurs" MPC announcement. No change from 5.25% is expected as the bank digests the impact of Jan's hike, though the market is looking for another move in Mar, which should provide an overall downside prop to sentiment. Gbp/Jpy bidding has played a prominent role in the Jpy's softer profile, though Eur/Gbp is again back above 0.66 after running into good bid interest around 0.6570. The upside may prove attractive amid a firmer Eur profile, though continuing rate hike expectations should see offer interest again in place around the 0.6630 and 0.6650 marks. The 1.9750 level marking the 61.8% retracement of drop off the year's highs remains the key upside hurdle in the pair, offer interest again expected to be firm around here. A US investment bank bid today's lows, with more bids expected around 1.9660-70.

lets do some analise:

GBPUSD bids at 1.9670/75 with stops blw 1.9665 - offers at 1.9740/50 and stops at 1.9755/60.

how should we trade???

more simple...its safe to go long ?

5 min yes
10 min...still need to go above 700
15 min...YES
30 min...yes
1h...maybe
2h...maybe not, but most likely
4h ...yes
6h-->weekly ...who would know...

Looks like we are getting ready for a breakout either above the resistance to the upside or down through the trendline. Just have to wait and see which side to take.

its going somewhere...

I still prefer that kind of call then the "tomorrow WILL go down" or "tomorrow TP 9999" of the other thread...

For the market we had today the sure thing is "it's going somewhere". That what I will trade tomorrow

In every book I've read so far (including Trading In The Zone, Come Into My Trading Room), it says that it's impossible to predict anything in the market. Not even the pros do it. You just have to analyse all the possible scenarios and wait for one of them to happen, then act on it. Of course, that's when probability comes into play, as you can always rule out some of the scenarios over others which are more likely to play out through technical analysis. Anyone predicting future doesn't know what he/she is doing, since it is impossible to begin with.

The vote on the rate was really close last time, the market reacted when the minutes were published showing the lack of consensus in the committee. There has been some slight hint of the economic brakes coming on in the form of reduced activity in the housing market. Personally, apart from a rate increase looking extremely unlikely, I think a lot of money is hanging on the whispers coming out of the G7 prelude. Also the UK stock market does not appear to be anticipating a rate rise this time - although they were caught-out the last two times.....

Fra open @ 9704 and ranging. until convincent break of 9690/9680, it may be another bottom - lost the bottom count in this area already.

No clear direction. I'm holding... My sentiment is still bullish, tough

CB Watch - spotlight on BoE/MPC and ECB CB UPDATE No prizes for guessing the main focus for EU markets today, with the [BoE'S MPC] due to deliver its 2nd rate verdict of the year at 12.00GMT and then the [ECB] to follow with its latest policy announcement at 12.45GMT. Both are expected to sit tight, the former after surprising with a very early 2007 25 bp hike only last month. 'On hold' f/cs are reflected in the relatively low probabilities attached to Sonia and Eonia levels (more on this to come), though both calls carry risk. Indeed, the UK's NIESR is advocating another 1/4 pt move today after its robust 0.8% q/q GDP f/c for the 3 months to Jan and an upgrade to the same level from 0.7% for the quarter ending Dec o/n. Meanwhile, the latest on the [BoJ] tightening cycle suggests a further delay before the next move with JiJi press tipping Apr/Jun and CB's Haru indicating no rush to move again.

What is "Sonia e Eonia levels"? Thought Fibonacci and Elliot were enough...

guys...update...my broker says

According to the NIESR (National Institute for Economic and Social Research) the BoE should raise the interest rate today to curb inflation after the accelerating growth. The NIESR raised their GDP estimate o/n to 0.8% from 0.7%.

Anyone running this fibo?

HIGH - 9732
23 - 9686 - reached
38 - 9657 - not yet
50 - 9634 - up trend line below it
61 - 9610 - up trend line above it
78 - 9577 - not likely?
LOW - 9535

but that doesn mean to go long right now...it might fall a little bit...yeeehe is wrong numerous times,...consinstently maybe on purpose

I mean that we may see something like 9620 today.... maybe a spike lower. Counting on the strengh of the up trend line...

Me...