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Cable Update (GBPUSD)

  • #8,641
  • Mar 21, 2007 12:05am Mar 21, 2007 12:05am
Stopped out of my short and looks like we might be on our way to 9674..Any thoughts?
  • #8,642
  • Mar 21, 2007 12:52am Mar 21, 2007 12:52am
my broker says they are hearing of good offers in the 9650/55 area.
  • #8,643
  • Mar 21, 2007 1:14am Mar 21, 2007 1:14am
The one and 4 hour charts seem to be way oversold and the RSI seems to be burning out as well.

I would think maybe apush higher one more time into the 50-55 area then
a drop back down to around 1.9600

If the BoE comes out a 6-3 then perhaps another drop down into the 1.9550-55 area.
  • #8,644
  • Mar 21, 2007 1:42am Mar 21, 2007 1:42am
the RSI is showing divergence on the 30 min chart.
  • #8,645
  • Mar 21, 2007 1:52am Mar 21, 2007 1:52am
Quoting IN-N-OUT
Stopped out of my short and looks like we might be on our way to 9674..Any thoughts?
I was stopped out too Not a good idea to trade against this strong trend. I'll wait for the BoE minutes before re-entering.
  • #8,646
  • Mar 21, 2007 2:35am Mar 21, 2007 2:35am
BoE minutes vote 8-1....How do you think?...Does G/U fall into 9500 today?
- Ray Tracy - Novice forex trader from GMT+8
  • #8,647
  • Mar 21, 2007 2:37am Mar 21, 2007 2:37am
Quoting raytracy
BoE minutes vote 8-1....How do you think?...Does G/U fall into 9500 today?
Market focus in US rate...
  • #8,648
  • Mar 21, 2007 2:39am Mar 21, 2007 2:39am
[CABLE] off sharply in the wake of the surprise BOE minutes which showed an 8-1 vote with the one dissenter Blanchflower, who voted to cut rates. Clearly badly positioned into the data specs are scrambling to cover their Gbp longs, but whilst shocking the news is also historic and with the CPI data putting emphasis back onto the chance of an April move from the BOE, not to mention stellar housing data of late, the pullback should represent value. Thus we would look for levels around 0.6800 to see Gbp gain traction with decent support for Cable into 1.9550, (1.9625 pre data).
  • #8,649
  • Mar 21, 2007 2:42am Mar 21, 2007 2:42am
8-1 is nice...im buying arround 555....
its just money
  • #8,650
  • Mar 21, 2007 2:53am Mar 21, 2007 2:53am
Quoting de123
8-1 is nice...im buying arround 555....
I'm buying 555, adding at every fib (y'day low high) we travel to today

I'd love fo see FOMC cutting US rate
  • #8,651
  • Mar 21, 2007 2:58am Mar 21, 2007 2:58am
Quoting cesarnc
I'm buying 555, adding at every fib (y'day low high) we travel to today

I'd love fo see FOMC cutting US rate
Or...

we may have seen the bottom...
  • #8,652
  • Mar 21, 2007 3:09am Mar 21, 2007 3:09am
It should be a nice ride up. I just wonder whether we can make it to 9900 if the FOMC does not cut the rate or make noises suggesting that it might cut the rate in the future.
  • #8,653
  • Mar 21, 2007 3:19am Mar 21, 2007 3:19am
We may be in an indecision day until 6:15pm GMT for FOMC... Damn...

But, so far, no one is willing to TP y'day move until (at least) then...
  • #8,654
  • Mar 21, 2007 3:22am Mar 21, 2007 3:22am
i will feel more confident when the devils will act as a S1..
its just money
  • #8,655
  • Mar 21, 2007 3:28am Mar 21, 2007 3:28am
Quoting moonchild
It should be a nice ride up. I just wonder whether we can make it to 9900 if the FOMC does not cut the rate or make noises suggesting that it might cut the rate in the future.
Dear,
sorry i can't understand you, did you think it will be go to 1.9900
can you explain more

thanks
  • #8,656
  • Mar 21, 2007 3:30am Mar 21, 2007 3:30am
Quoting de123
i will feel more confident when the devils will act as a S1..
I'm back long 9601. Overestimated the market and let a buy limit at 9542 (50% fibo from y'day move).... Missed a better entry...

Mr 9555 made it clear he's not in the mood for too much negotiations today

Still adding below that mark, too... Hope to have some profit to pocket ahead of FOMC.
  • #8,657
  • Mar 21, 2007 3:46am Mar 21, 2007 3:46am
Current 4hr candle closing above 9615 (in 1:15h) will give us a very nice pin-bar suggesting an upward move within a superoverbought 4hr chart...

  • #8,658
  • Mar 21, 2007 4:09am Mar 21, 2007 4:09am
with an 8-1 outcome is good to sell gbpusd?
  • #8,659
  • Mar 21, 2007 4:20am Mar 21, 2007 4:20am
Quoting nextG
with an 8-1 outcome is good to sell gbpusd?
In theory, yes. This means 8 BOR/MPC members voted for no interest rate hike and 1 voted, today, for rate cut.

However, players seems to be much more interested in FOMC meeting this afternoon (GMT) for US interest rate statement to start making decisions. There's the possibility of a rate cut today, although I don't really believe.

Furthermore, I really don't know if no-cut (dollar down) is already priced in...
  • #8,660
  • Edited 4:31am Mar 21, 2007 4:21am | Edited 4:31am
I see long positions are very risky now >1.9615

The CPI data for UK was good for GBP but the Core CPI was 1.7 as expected.

CPI was good according PPI data but PPI revitions was -2.5%

PPI data for US was:
PPI 1.3% v 0.4% E -0.6%prior
Core PPI 0.4% v 0.2%E 0.2%prior

and CPI was good too:
CPI 0.4% v 0.3%E 0.2% prior
Core CPI 0.2% v 0.2%E 0.3%prior


So... viewing only prices... i see long postions very risky now

what do you think about it?
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