Cable Update (GBPUSD)

This can be slow and ugly.....Man that's just not right.

i might start looking at another par this is nuts might be another week like last week...anyways i got my sl at 1.9090....if it get it then i lose £550 and have to start again ....but what the heck better than losing account

hey micho,

I love the picture.

Thats my country flag, and actually the island of Puerto Rico.

I bet you didn't know it. You just got it for the babe.

Hopefully this will come back some if inflation data holds and bloomberg is reporting less than stellar retail sales for the US. later this week.

i hope so bro

Lets gather our hopes; We need to watch 4 HR candle close at 8:00 pm if that candle closes above 1.9141 then this baby will be back by at least 1.91 and then we need to check 12:00 4 candle and if that candle closes above 1.9191 then we will be slowly progress to 1.9291 area......

So hope for the best gentlement; as I am writing, the pair is 1.9162 and hopefully in 58 minutes this will hold the area above than 1.9141 area

I hope next week we are seeing better trading opportunities for us. Last week was a joke. Majoy of us did not quite catch the trend. Although we tried to apply our educated guess and the best of our ability. Well, that's life of uncertainty for us to learn. Nothing is as expected all the time.

This is going to be a tug of war big time this week.

Navin I suggest you something; Actually we tolerated the real storm last week and now of-course after the real storm some dust needs to be settled and that's take some time so I suggest you so far sit tight and facing the storm so why not you put SL to at least 1.9072. My formula is if a person has been fighting for the last 7 days then after facing real thing if that person is scared of only dust left then if I would have to change the SL to 20-40 pips down then I would do that.

Remember that war between Georgia/Russia stopped and oil will be thinking to bullish and most of US data this week be negative so hope for the best my dear friend; I am right now more loss than you but I have a faith and believe in GOD and I have a faith that at some point it will turn up and until then sit tight.....

Hello everybody!

I am seeing a 74 pip gap on 60m

i expect that will have to be filled before we resume trend
around 9180 or 90

I am thinking Warta called the gap friday....good call

so far so good.

ok bro i with u .....thx for support and your right only problem is now im off to bed hopefully in morning im not in shock..good night all best of luck on longs

hopefully the monthly gives the correct picture...and this bottom holds

The picture speaks for itself, letting a currency depreciate too rapidly from an economic point of view, is not something that a country wants. We tested the trendline, now time for???

dollar loosing ground big time against the yen

the problem is not coz we have a strong $ but coz the pound is weak
have a look guys whats going on with G/J

its a real storm

WOW

new weekly momentum pointing up with a 45 degree but still under the zerro line

I was waiting for that; there is a good news based on technicals; 4 HR candle closed @ 1.9146 thanks GOD at least this is above than based on Abouwad 4HR candle value 1.9141. That means next 4 hours will take Cable to at least 1.9191 or so and if the news at 4:30 am will be in green then by Monday morning hopefully Cable will be in 1.9290 area hopefully!!!!!

8/10/2008 7:59:17 PM - www.dowjones.com
By Roger Cheng
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Verizon Communications Inc. (VZ) reached an agreement on a new contract covering 65,000 workers Sunday, averting a potentially crippling strike.
The New York telecommunications provider and the Communications Workers of America union, which represents 50,000 workers, struck an agreement after negotiating intensely over the last few weeks, according to a statement from the union. The new contract extends coverage to MCI workers at Verizon Business and converts temporary jobs to permanent ones.
"This is a breakthrough agreement in many ways," said CWA President Larry Cohen. "It creates new union jobs including major growth areas like FiOS; it takes a big step forward on health care and it brings hundreds of Verizon Business employees the union rights they deserve."
The agreement is expected to create 2,500 new union jobs, the CWA said. It also calls for wage increases totaling 10.9% compounded over the three-year term.
The settlement calls for wage increases totaling 10.87% compounded over the three-year contract term.
The agreement addresses many of the key issues. Workers balked at the cuts in health care benefits. Verizon proposes to require employees to pay some of the premium costs, while seeking a reduction in retiree insurance benefits. The union has complained about the waning job security, as the move to outsource more jobs reduces the power that the unions hold.
The last contract was originally set to expire on 12:01 a.m. EDT, but both sides agreed to delay the strike because of the progress made over key issues.
Over the past few weeks, Verizon workers staged protests throughout its territories in the Northeast states, including a large demonstration of several thousand red-adorned workers flooding the streets around the company's headquarters in downtown Manhattan.
The labor-contract discussions, which involve CWA and the International Brotherhood of Electrical Workers, affect workers in Verizon's landline division who are located in Northeastern and Mid-Atlantic states. They represent about 25% of the company's revenue, a spokesman said.
A strike would have meant a loss of nearly a third of its work force. Verizon has 230,000 employees nationwide.
It would have been particularly ill-timed for the company, which recently began rolling out its FiOS TV service in its hometown of New York City. The cable companies are already staging a response to their new competitors, and Verizon couldn't afford to stumble out of the gate in such a lucrative market.
Verizon employees last staged a strike in 2000. Workers stayed off the job for 18 days.
Verizon was not immediately available for comment
-By Roger Cheng, Dow Jones Newswires; 201-938-2020; [email protected]
(Amol Sharma of The Wall Street Journal contributed to this story.)
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=bHu...Bs0ARtOA%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires

8/10/2008 10:32:48 PM - www.dowjones.com
SINGAPORE (Dow Jones)--Following are expected trading ranges and outlooks for nine major currency pairs today:

Immediate Range Larger Range
USD/JPY 109.11-111.55 108.76-112.28
EUR/USD 1.4908-1.5284 1.4777-1.5461
AUD/USD 0.8816-0.8952 0.8765-0.9081
NZD/USD 0.6976-0.7148 0.6821-0.7174
GBP/USD 1.9084-1.9335 1.8834-1.9437
USD/CHF 1.0673-1.0872 1.0622-1.0929
USD/CAD 1.0538-1.0696 1.0513-1.0865
EUR/JPY 162.20-165.91 161.69-166.83
EUR/GBP 0.7763-0.7898 0.7744-0.7938

(Ranges are calculated using recent high and lows, information on the placement of option strikes, and technical analysis - Fibonacci levels, trendlines and moving averages.)
USD/JPY - to trade with positive bias after touching eight-month high of 110.39 this morning. USD buoyed by Russia-Georgia political tension, weak sentiment for European and Oceania currencies, falling oil prices - Nymex crude futures dropped $4.82 Friday to settle at $115.20/barrel, sharp rise in U.S. shares (DJIA jumped 302 points or 2.65%, Nasdaq up 2.48%). USD/JPY also supported by higher U.S. Treasury yields, USD demand for Japan import settlements, low Japan yields. But USD/JPY upside limited by Japan exporter sales. Data focus: 0600 GMT Japan July preliminary machine tool orders. USD/JPY daily chart positive-biased as MACD bullish, stochastics stay elevated at overbought. No serious resistance until 111.55 (projected top of ascending channel formed by July 16 low of 103.75 and July 23 high of 107.97); breach would expose upside to 112.28 (uptrend resistance line from May 2 high of 105.69). Support at 109.11 (Thursday's low), then at 108.76 (base of channel).
EUR/USD - to consolidate with negative bias after falling to 5.5-month low of 1.4908 this morning. EUR/USD hurt by Russia-Georgia conflict, view another rate hike by ECB off agenda after Trichet Thursday acknowledged likely weak euro-zone economic growth later this year. EUR/USD also undermined by lower oil prices, further evidence weakening euro-area economy: Italian preliminary 2Q GDP shrank 0.3% vs forecast for zero growth. But EUR/USD losses tempered by EUR-USD yield gap. EUR/USD daily chart negative-biased as MACD & stochastics bearish, although latter oversold. Immediate support at 1.4908 (this morning's low), breach would expose downside to 1.4777 (Feb. 26 low). Resistance at 1.5284 (previous base set May 8), then at 1.5461 (downtrend line from July 22 high of 1.5944).
AUD/USD - to consolidate with negative bias after falling to 7-month low of 0.8832 this morning. AUD sentiment weak on expectations RBA will cut rates as early as next month. AUD/USD also weighed by lower commodity prices. But AUD/USD losses cushioned by wide Aussie-U.S. yield gap. Data focus: 0130 GMT RBA Quarterly Statement on Monetary Policy, 0130 GMT Australia June lending finance. AUD/USD daily chart negative-biased as MACD bearish, stochastics stay suppressed at oversold. Immediate support at 0.8816 (Jan. 31 low), then at 0.8765 (Jan. 28 low). Resistance at 0.8952 (previous base set March 20), then at 0.9081 (downtrend line from July 29 high of 0.9590).
NZD/USD - to consolidate with negative bias after touching 11-month low of 0.6976 Friday, weighed by bleak NZ economic outlook, heightened expectations of more aggressive easing by RBNZ in coming months, local credit sector woes. But NZD/USD downside limited by wide Kiwi-U.S. yield advantage. NZD/USD daily chart negative-biased as MACD bearish, stochastics stay suppressed at oversold. Immediate support at 0.6976 (Friday's low), breach would expose downside to 0.6821 (Sept. 10, 2007 reaction low). Resistance at 0.7148 (Friday's high), then at 0.7174 (downtrend line from July 17 high of 0.7727).
GBP/USD - to consolidate with negative bias after dropping to 20.5-month low of 1.9107 this morning. GBP plagued by mounting UK recession fears. But GBP/USD downside limited by GBP-USD yield gap. Data focus: 0830 GMT June UK Trade, July UK PPI. GBP/USD daily chart negative-biased as MACD bearish, stochastics stay suppressed at oversold. Immediate support at 1.9084 (uptrend line from March 2002 low of 1.4086), breach would expose downside to 1.8834 (Nov. 17, 2006 low). Resistance at 1.9335 (previous base set Jan. 22), then at 1.9437 (Friday's high).
USD/CHF - to trade with positive bias after touching 5.5-month high of 1.0872 this morning, buoyed by weak sentiment for European currencies, lower oil prices. USD/CHF daily chart positive-biased as MACD & stochastics bullish, although latter overbought. Immediate resistance at 1.0872 (this morning's high), then at 1.0929 (Feb. 25 high). Support at 1.0673 (hourly chart), then at 1.0622 (previous base set May 8).
USD/CAD - to trade with positive bias after touching one-year high of 1.0696 Friday. USD/CAD underpinned by lower oil prices, weaker-than-expected Canada July employment data (55,200 jobs lost vs forecast for 5,000 jobs created, though unemployment rate dropped to 6.1% vs forecast for 6.2%). Data focus: 1215 GMT Canada July housing starts, 1230 GMT Canada June new house prices. USD/CAD daily chart positive-biased as MACD and stochastics bullish, although latter overbought. Immediate resistance at 1.0696 (Friday's high); breach would expose upside to 1.0865 (Aug. 16, 2007 reaction high). Support at 1.0538 (hourly chart), then at 1.0513 (Friday's low).
EUR/JPY - to trade with negative bias after fall to two-month low of 164.48 this morning, undermined by weak EUR undertone. EUR/JPY daily chart negative as MACD & stochastics in bearish mode. No serious support until 162.20 (200-day moving average), then at 161.69 (June 4 low). Resistance at 165.91 (hourly chart), then at 166.83 (previous base set Tuesday).
EUR/GBP - to trade with bearish bias. Daily chart negative-biased as MACD & stochastics in bearish mode. Immediate support at 0.7763 (May 2 low), then at 0.7744 (March 24 low). Resistance at 0.7898 (Friday's high), then at 0.7938 (Thursday's high).

(This article is general financial information, not personalized investment advice, as it does not consider the unique circumstances affecting an individual reader's decision to buy or sell a specific security. Dow Jones does not warrant the accuracy, completeness or timeliness of the information in this article, and any errors will not be made the basis for any claim against Dow Jones. The author does not invest in the instruments or markets cited in this article.)
(END) Dow Jones Newswires
August 10, 2008 19:32 ET (23:32 GMT)