It is more likely to go up to around 1.52, and then move down to 1.51 or even lower. sell if it hit around 1.5230, profit targets to 1.5150 , stop loss at 1.53
This morning UK gave some good news on Consumer confidence. The better than expected results may spur GBP to move higher. But of course, another important news that will be out is Housing Price Index (HPI) and Purchasing Manager Index (PMI) at 0430 ET.
Japan is on holiday and thus we may not see any big movement, but my expectation is for GBP to move up before 1630hrs news before it deceide on the next direction.
Looking technically, GBP has gain new high above 1.516. It has done its retracement from 1.516 to now at 1.505, almost to 50% at 1.5. Giving at good support.
Looking technically at a macro level, GBP has reached a very much overbought position (using CCI 14) by almost more than 150%. It has not reverse, showing strength of reaching a level of 1.53 (resistance level at 100EMA)
I will place a long limit order at 1.5005, TP at 1.5086, SL at 1.492.
I will be monitoring the retracement up if trade is triggered and adjust the TP and the SL. Hope to exit before 1630hrs news and do a wait and see.
As the stress report details are leaked, US equities will weaken and cause dollar to strengthen. This is the most recent headline.
01:40 Bank of America Deemed To Need $34Bln More Capital- Reuters Headline
over Reuters
* U.S. Stock Futures Extend Losses After Source Says Bank of America Deemed To
Need $34Bln More Capital
As the stress report details are leaked, US equities will weaken and cause dollar to strengthen. This is the most recent headline.
01:40 Bank of America Deemed To Need $34Bln More Capital- Reuters Headline
over Reuters
* U.S. Stock Futures Extend Losses After Source Says Bank of America Deemed To
Need $34Bln More Capital
Ignored
It was said earlier today that about 10 out of 19 banks needs more capital .. they just didnt say which. That in itself was enough for me.
As the stress report details are leaked, US equities will weaken and cause dollar to strengthen. This is the most recent headline.
01:40 Bank of America Deemed To Need $34Bln More Capital- Reuters Headline
over Reuters
* U.S. Stock Futures Extend Losses After Source Says Bank of America Deemed To
Need $34Bln More Capital
Ignored
Hopefully this drives down bank shares ... I really want to buy some CitiGroup shares under $2
I'm usually trade at 4H tf and what i can see now, there is a support at 4970. Break this may lead to further downside. please correct me if i'm wrong.
Good day Everyone !
This is my firsp post at Cable , so i would hope i become one of trading palls of cable !
i will share my charts , and sometimes with some waves ,if you dont like the waves just ignore them
first channels:
