Cable Update (GBPUSD)

Yeah PPX is A SUPER STRONG sell point ...6046..

thank you Kill, thank you too uraceulose....,

i think arround (5945-65) there is an important support level..,and i want to know what happen in that support...

http://www.livecharts.co.uk/pivotpoint.php

GAP in This Morning (GMT +7) at Market Opened !!
Beware...

Thx so much...

i think to day she is looking to touch 1.5831 after little consolidation in asian session... http://cdn.forexfactory.com/images/icons/icon12.gif

not before testing 1.6047

mine 1.6065 http://cdn.forexfactory.com/images/icons/icon7.gif

Where do you base this on?
Can you plse explain.
Thnx

The price won't just keep going down.

There'll be a correction somewhere between 1.604 and 1.608 where there's resistance and other shorts waiting to join the party!!!

GBP/USD Weekly Outlook

After initial consolidation, GBP/USD's fall from 1.6456 finally resumed on Friday by taking out 1.6077 and reached as low as 1.5978 last week. The development is inline with our view that rebound form 1.5829 has completed with three waves up to 1.6456. Initial bias remains on the downside for 1.5896 cluster support first (100% projection of 1.6456 to 1.6077 from 1.6274 at 1.5895 next. Break will indicate that recent down trend is resuming for t 1.5706 key cluster support. On the upside, above 1.6066 minor resistance will turn intraday bias neutral first. But recovery should be limited below 1.6274 resistance and bring fall resumption.
In the bigger picture, we're still favoring the bearish case that medium term rebound from 1.3503, which is treated as a correction to down trend from 2.1161, has completed at 1.7043. Firm break of 1.5706 cluster support (38.2% retracement of 1.3503 to 1.7043 at 1.5691) will confirm this case and indicate that whole down trend from 2.1161 is likely resuming for a new low below 1.3503. However, note that break of 1.6456 resistance will in turn shift favor to the case that recent price actions from 1.7043 are merely developing into consolidations to the larger rise from 1.3503. That is, whole medium term rise from 1.3503 might not be finished yet and another rise could still be seen to 1.7332/8236 (50% and 61.8% retracement of 2.1161 to 1.3503) before completion.
In the longer term picture, the corrective nature of the multi-decade advance from 1.0463 (85 low) to 2.1161 as well as the impulsive nature of the fall from there suggests that GBP/USD is now in an early stage of a long term down trend. Rebound from 1.3503, which is treated as correction in the larger down trend, should be limited by resistance zone of 1.7332/8236 and bring down trend resumption towards 1.4063 low. We'll hold on to the bearish view as long as 1.8236 fibonacci level holds.

Who says the price wont just keep going down?

From the way it seems, volume appears skewed to the upside which for me means price should drift lower to clear out weak longs.

I was wrong last week on the ride up north, but profited from both swings nonetheless. Will buy at 1.5684 ... if we get there.

looking for 6100-6110 for me.Well its just a number I'm looking at/for/think I'll take a long

I agree I'm long @ 940and see the same/ at that point (6100)I have a pending sell/hopefully we dont get to the 6200 mark but will monitor along the way

Of course it's possible that it might drop some more before retracing. In my opinion that is not likely.

We've had such a strong downward move that it's logical that the price will retrace and re-load before heading back down towards 1.58.

Plus we opened with a gap that according to my Metatrader chart hasn't been filled yet. That should be filled before another move down.

I'm short too from last Weds when we had a close below the daily 50sma. I'd be more than happy if this thing keep dropping.

However, I'll wait for a retracement and add more shorts when we reach resistance.

Good day to all,

Looking at my CCI.....i am going long at 1.5880....
i guess it wont go very far below as the stochs are all in a oversold position as well......

let's see....

I drew a fibo and it shows me a limit of 1.5895.. 15 pips above your estimate.. although at this point I'm not sure how far down it can still go before retracing up to the neighbourhood of 1.6110.. all from the fibo.. I might be wrong, hmm..

I haven't been able to trust stochs lately as there have been so many anomalies..

May this week BOE raise rate or this year ?

I'm looking for long too. If it breaks 1.6000 today, will try to target 1.6400 again.

D-4 ~ BULLS 5 : 2 BEARS
D-3 ~ BULLS 0 : 7 BEARS
D-2 ~ BULLS 5 : 2 BEARS
D-1 ~ BULLS 0 : 7 BEARS
D0 ~ BULLS 0 : 7 BEARS

Conclusion:
Bears show has began..
The rule only one : sell all rallies..