Cable Update (GBPUSD)

well before US session is over, here are the total for today
short 1.9957 to 1.9905 = 52
long from 1.9915 to 1.9980 = 65
total 117 pip
see you after us session is over...

yeah yur right .....my patform hasnt been working lately so i never used it but i just checked and i suppose if the rising trendline breaks then that target of 2.00 + looks good to go ...

Good work. Nice profit for the day.

Abuawad, are you a full time trader or part-time? Just curious.

Nice work Nav I like to draw TL s like that too when the lower 2 candles are set up like that.
I increasingly find that TLs are unreliable compared to S+R.
Also I think I read on Mr Hussins thread that two candles like that are a potential rertrace set up.

Also I note the big indecisive bar there recently.

If u're interested. Got this at forexnews.com

The sterling will be heavily impacted by this week’s UK economic reports given the implications for Bank of England policy decisions over the coming months. BoE Board member David Blanchflower offered a dour assessment on the economy in an interview with the UK’s Guardian news. Blanchflower sees the UK economy heading into a recession, potentially lasting over a year, and warned that the BoE would need to “cut interest rates rapidly” in order to stave off a severe downturn. He also added that the latest employment figures from the UK marked the “tip of the iceberg”.

In the coming session, the key highlight will be the release of the Bank of England’s July meeting minutes. Consensus estimates look for an 8-1 vote to leave rates unchanged, with Blanchflower being the likely dissenter. Given the inflationary conditions in the UK – with CPI nearly double the Bank’s 2% target, the minutes may reveal greater discussion over the prospects for a rate hike, which would benefit the pound. However, if the minutes provide greater emphasis on the risks to growth, market sentiment may shift toward pricing in a higher likelihood for a BoE rate cut – prompting traders to sell the sterling.

Well its crunch time I guess.

Price has found support at the intraday levels...it has also broken out of the downward channel its currently going for its first taret of the day again....We also have a bullish head and shoulders forming...and a double bootom formed at the low of the day...

Well you gotta love this pair . I shorted at market open yesterday for 70 pips and went long at 9910 and closed at 9992 (a bit early).
I think we will see 2.0030 in the next hours. I may short there depending on price action.

Still long from 1.9915. See everyone at 2.01x

Hi, I'm new to this thread, but have been trading cable for several months now.
I've just taken the plunge and shorted at 2.0030.
Is anyone else with me? slightly concerned the if it breaks out any further it will be up up and away.
Guess it comes down to the BoE minutes tomorrow morning.

I am new to this thread as well but I am with you on the short, in at 2.0030. I hope we are right, keeping a close stop.

I'm new to the thread too. I hope it retraces, as well. So I can go long. Can't believe that pinbar took soooo long to break.

I hope you guys who went short are not feint hearted because the day close is very bullish. You should have stops in place as this could break upwards. I entered a short myself @ 35 and my first target is 1.9992.

glad I'm not alone, where are u looking to profit? I'm hoping for a fall to 800/850

thanks, i'm a part time trader

Its very unlikely to fall from there imho 20050 is target

What do you mean Bones? that it will rise to 20050 and then begin to fall? I haven't figured out how to post charts yet- but on my hourly chart 20030 is right at the top of the descending channel we've been in this past week or so.

I'm looking for a website that broadcasts tomorrows speech? I tried checking Bloomberg last time, and I didnt have any luck. any suggestions..
manny

4:45am GBPhttp://forexfactory.com/images/misc/...mpact_high.gifBOE Governor King Speaks

23-07-2008