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Cable Update (GBPUSD)

  • #244,881
  • Aug 11, 2010 6:29am Aug 11, 2010 6:29am
Quoting wormboy
I personally doubt it. That much downmove to anticipate in less than 3 weeks is a bit too much. I can't see past 5300 matter of fact. Monthly pvp is @5420 btw.
overall cable is bullish. Nothing has changed & I do believe the 1.7 target which was projected few months back is likely to happen. This retrace right now is much needed in order for 1.597 to go at the next retest.

Long term chart below, nothing bearish about it up to date.
Attached Image (click to enlarge)
Click to Enlarge Name: gu1.png Size: 35 KB
Thank You
  • #244,882
  • Aug 11, 2010 6:39am Aug 11, 2010 6:39am
Quoting wormboy
overall cable is bullish. Nothing has changed & I do believe the 1.7 target which was projected few months back is likely to happen. This retrace right now is much needed in order for 1.597 to go at the next retest.

Long term chart below, nothing bearish about it up to date.
Monthly can be viewed with different eyes though. What we currently have is this:

 

  1. Price has so far made a lower high.
  2. Hint of an evening star on Monthly. (so far)
  3. Rise from 1.42 could be viewed as a bear flag.

Attached Image (click to enlarge)
Click to Enlarge Name: flag.gif Size: 19 KB


I'm not commiting either way tbh as I simply don't know, but there are reasonable arguments for long term bears too, until 170 is broken.
  • #244,883
  • Aug 11, 2010 6:54am Aug 11, 2010 6:54am
Quoting ukdaytrader
Monthly can be viewed with different eyes though. What we currently have is this:

 

  1. Price has so far made a lower high.
  2. Hint of an evening star on Monthly. (so far)
  3. Rise from 1.42 could be viewed as a bear flag.

I'm not commiting either way tbh as I simply don't know, but there are reasonable arguments for long term bears too, until 170 is broken.

point taken, but to talk about cable tanking more than 1000 pips in the space of less than 3 summer weeks is not reasonable argument imo.
Thank You
  • #244,884
  • Aug 11, 2010 7:02am Aug 11, 2010 7:02am
Quoting wormboy
point taken, but to talk about cable tanking more than 1000 pips in the space of less than 3 summer weeks is not reasonable argument imo.
bulls are in mood right now... but will it have enough stamina running through upcoming news in 30minutes?
If only,.....
  • #244,885
  • Aug 11, 2010 7:06am Aug 11, 2010 7:06am
Quoting wormboy
point taken, but to talk about cable tanking more than 1000 pips in the space of less than 3 summer weeks is not reasonable argument imo.
I realise that of course, it's not likely. But we have just had a 900 pip rally on Cable in 13 trading days. And we all know price tends to fall faster than it climbs.

I rule nothing in....... or out.
  • #244,886
  • Aug 11, 2010 7:31am Aug 11, 2010 7:31am
Another cr@p number from the States.

Exports down 1.3% while the UK reported an increase of 33% (non EU)

Time to get those printing presses fired up again.
  • #244,887
  • Aug 11, 2010 7:34am Aug 11, 2010 7:34am
Quoting cloggie
Another cr@p number from the States.

Exports down 1.3% while the UK reported an increase of 33%
I think the question now is whether UJ can take another battering rather than how high can cable rise.
  • #244,888
  • Aug 11, 2010 7:34am Aug 11, 2010 7:34am
Quoting cloggie
Another cr@p number from the States.

Exports down 1.3% while the UK reported an increase of 33% (non EU)

Time to get those printing presses fired up again.
200 green pips.... come in please
If only,.....
  • #244,889
  • Aug 11, 2010 7:37am Aug 11, 2010 7:37am
Quoting trending
I think the question now is whether UJ can take another battering rather than how high can cable rise.

Obamarama's socialistic policies are really working, spend 800bn for 20k jobs, 1 trillion on socialising health care, continue to keep the printing presses running overtime and continue the fed buying program, yup that's a real recovery. Marx, Lenin and Stalin would be proud.
  • #244,890
  • Aug 11, 2010 7:38am Aug 11, 2010 7:38am
hi cloggie,

inspite of so many bad news for USD and good new for UK yet pound is declining.
  • #244,891
  • Aug 11, 2010 7:38am Aug 11, 2010 7:38am
Quoting chitindu
hi cloggie,

inspite of so many bad news for USD and good new for UK yet pound is declining.

Purely technical correction. Price never moves in a straight line. You discounting the 1800 pip run up so far?

US government spending is now above 50% of GDP, not seen since WWII, that is not a recovery, that is desperation. Even the Keynesians of the 20's crash could not manage that.
  • #244,892
  • Aug 11, 2010 7:45am Aug 11, 2010 7:45am
is it the right time to buy or GU is going to see more lows.
  • #244,893
  • Aug 11, 2010 7:45am Aug 11, 2010 7:45am
Quoting chitindu
is it the right time to buy or GU is going to see more lows.

Your plan, your money.
  • #244,894
  • Aug 11, 2010 7:49am Aug 11, 2010 7:49am
Quoting cloggie
Your plan, your money.
rather

say

your ass, your money ...........
  • #244,895
  • Aug 11, 2010 7:53am Aug 11, 2010 7:53am
Quoting chitindu
hi cloggie,

inspite of so many bad news for USD and good new for UK yet pound is declining.

Also keep in mind that as long as traders keep dumping equities dollar will strengthen.
  • #244,896
  • Aug 11, 2010 7:54am Aug 11, 2010 7:54am
Cloggie,

I have been following your posts for a while. Can clearly see you are experience. Anything advice to a newbie??
Choose your destiny!!
  • #244,897
  • Aug 11, 2010 7:54am Aug 11, 2010 7:54am
Quoting cloggie
Also keep in mind that as long as traders keep dumping equities dollar will strengthen.
Traders in general or trades in the US?
  • #244,898
  • Aug 11, 2010 7:57am Aug 11, 2010 7:57am
Quoting Sunsi
Traders in general or trades in the US?
Under Skirt [US]
  • #244,899
  • Aug 11, 2010 7:59am Aug 11, 2010 7:59am
Quoting Sunsi
Traders in general or trades in the US?

Any trader trading US equities. Think of it in simple terms, you sell US shares so you need dollars in exchange, that drives demand of dollars up. If the demand increases so does the price. (apologies to analysts for the oversimplification). So yes the news is cr@p, but that is reflected in the share prices so it is inversely correlated to the dollar rate.
  • #244,900
  • Aug 11, 2010 8:04am Aug 11, 2010 8:04am
Quoting cloggie
Any trader trading US equities. Think of it in simple terms, you sell US shares so you need dollars in exchange, that drives demand of dollars up. If the demand increases so does the price. (apologies to analysts for the oversimplification). So yes the news is cr@p, but that is reflected in the share prices so it is inversely correlated to the dollar rate.
Demand ??

http://img217.imageshack.us/img217/6...oiletpaper.jpg
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