Cable Update (GBPUSD)

why this thread is not moving lately

Ldn FX: Sterling Continues Recovery; Stg-Yen Seen Main Driver Oct 14 / 06:24


--Equity Market Bounce Back Prompts Outflow From Risk-Aversion Hedging

LONDON, Oct. 14 (MNI) - Sterling continued its recovery phase
through European morning trade Tuesday, with cable extending gains to
$1.7575, from recent lows of $1.6803 (Oct 10).

The recovery in equity markets has prompted an outflow from risk
aversion hedging, which in turn has boosted sterling-yen and is seen as
the main driver in the current recovery. Market focus will be on US
President Bush and US Treasury Secretary Paulson comments at
0730EDT/1130GMT outlining TARP plans.

STERLING SUMMARY: Opened early Europe at $1.7525, stg0.7808
-- Cable opened into early Asia around $1.7350 with rate lifting on
demand for yen crosses, prompted by the strong close on Wall Street.
Sterling-yen demand took cable to an eventual high of $1.7555 in
late Asia, easing away from the highs into early European dealing.
Demand for sterling allowed euro-sterling to ease away from early
highs of stg0.7829 to stg0.7792, recovering to stg0.7808 into Europe.
A UK name was cited selling cable aggressively into early Europe,
taking the rate through minor support at $1.7500 and on to lows of
$1.7415/10, in turn lifting euro-sterling back to stg0.7829. Cable
recovered on order exhaustion, allowing rate to push to $1.7567 as
euro-sterling broke under stg0.7792, easing to a low of stg0.7778.
Cable eased to $1.7475, bouncing back to $1.7560 in late morning.
-- Cable bids $1.7480, $1.7410/00. Offers $1.7570/80, $1.7600.
-- Euro-sterling bids stg0.7780, 0.7755/50. Offers stg0.7830, 0.7850/55.

good call Micho

+50 right now, out at 618

bingo

Do you expect this to go back down to below 1.7500 again?

Guess we are southward bound now?

I pray so ... cos i need it to... are we?

nice one Micho, time to open another short but tighter SL for me.

well the up trend seems strong... so i am not sure if we reached the top yet...
if 1.7588 and 1.7651 breaks next target would be 1.7697 and then strong resistance at 1.7720

yeah it should go back below 1.75 but it may take time... but at least 1.75 is in reach for sure (90%)

well i dont know... the trend is strong so maybe a small retracement or something

I suppose eventually it will

out +54

+94 Today

Lilmoe my man.What do you think on cable

Morning! (US am here)
On the 4H chart, the price is above the 50 EMA. Isn't that usually a bullish sign? Plus we are kinda free of major resistance until 76+?

short at 1.7600

yeah we are on an uptrend... we should buy retracements but someone wants to short the retracements

y the short at 600 is there any major resistance here?

I hear you. I'm hoping for 77

yeah but the target is 1.7697