Cable Update (GBPUSD)

Quoting jest1081

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"Meeting participants agreed that, while recent economic data had been mixed, the economy was likely to expand at a moderate pace in coming quarter," the minutes showed.

How likely is an economy to grow with such heightened inflation worry? Further devalue your currrency? Lets discuss this.

Jest

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Quoting cesarnc

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Looks like the puzzle is between raise rates to stop inflation or cut rates to grow in a "more than moderate" pace. Sometimes this "moderate pace" appears as "soft landing" in the comments....

A week ago there were rumors of FED cuting rates. Now FED comes saying "rate hike is a possibility"... That's why even super strong US data reflect little in USD longs, while any piece of rumor triggers a large selloff.

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Quoting Pipsta

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Bounced off that hard north charging 14sma on the 4hr chart. Scalped myself another 15 pips. I wasn't sure if it was just messy ranging so I didn't want to hold that long too long until this sorts itself out. I've got conflicting signals although the stronger ones tell me a restest of the highs if not a test of one the upper TLs. I should be able to get myself another long from the 9740s unless fundamentally inspired pressure carries it off to the races.

Cesar man, how do you trade that messy chart?....lol I knew what you meant so I cleaned those TLs a bit for you...hehehehe

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Quoting cesarnc

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Thanks man... As long as you keep it free from a clutch of EW counts, 17 different coloured EMAs and 12 indicators below it, your suggestion is more than welcome

Just pocketed the dip 9725 I bought during that silly down move out of nowhere... Got lucky when USD selloff arrived...

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Quoting cesarnc

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Thanks man... As long as you keep it free from a clutch of EW counts, 17 different coloured EMAs and 12 indicators below it, your suggestion is more than welcome

Just pocketed the dip 9725 I bought during that silly down move out of nowhere... Got lucky when USD selloff arrived...

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Quoting Pipsta

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I snagged some on that dip, too. I use a bunch of MAs and one indicator below(slow stoch) but mostly TLs give me my cues. All that other stuff is just confirmation of trend and potential stumbling blocks to targets or sometimes targets. I don't do MA crosses as I find they are crossing every which way all the time anyway. It's just that for some reason the price action likes to use MAs as bounce points for turnarounds or targets. Just like the drop that just happened bounced off the 14sma target I was watching for after it broke the 7sma. It actually stalled about 10-13 pips above a TL that was providing support on that 4hr chart break. The sluggish hours that passed allow the 14sma rise above that TL so there was a delta of about 15 pips that was my longing range for a 15-30 pip target which I didn't cleanly get in and out on but was still able to net 15 pips. Price has nestled into the 9740s as I suspected and I'm going to wait it out a little more. I'm still not convinced of any particular bias at the moment and it's smack dab in the center of the bigger overall range so it would be foolish for me to just flip a coin and guess.

I think the feds words may sooth the US masses into creating the top that was already kinda forming and we'll have a stretch of dollar bullishness. Probably not until after a test of the highs, though. We could see 1.98ish before NY opens tomorrow and get a snap back that takes the price down to 1.96ish within 24-48 hrs after that. It's sort of at a crossroads and I think it's going to take emotional traders to decide which way it's wants to go.

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Quoting Islander

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Looks like FF got the time wrong....other sites are saying UK Trade Balance is at 4:30 EDT

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Quoting Islander

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Just playing catch-up...some great posts on "funnymentals", makes me think that for cable I´d better start to take them more seriously!

Here´s my techie´s EW update from yesterday.....

Wave 5 was completed at 3:15 NY time, very close to its ideal 9811 target.

Now cable has either completed the shorter yellow "a,b,c" correction and will resume its rally, moving above yesterdays high.....OR it has only completed the gold A leg of its correction and is now in Wave B, targets 9869, 880 or 895. IF it turns down around one of these levels, failing to break out upwards, then we can expect a further pull back into the "C" low towards 9700.

UK TRade Balance expected at -6.4 Bn at 3:30 NY time could provide some clarification.

Sorry this chart is not very clear, I´m having problems in saving with the lower pixel option - it looses text etc

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Quoting Islander

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Looks like FF got the time wrong....other sites are saying UK Trade Balance is at 4:30 EDT

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