Cable Update (GBPUSD)

Chart filled to 1.5837

Down from here?

BUTTER FLY

some bulls at the 38 fib? H1

G/M,

Yesterday's 202 pip drop powered through the daily scending bottom channel/trend line and a daily bearish thrust candle closed below it- a decisive downside breech ? Relief was eventually found at the bottom 4hr descending channel / Monthly S1 area @ a 5758 lo.

Below yesterdays low the previous 4hr and 4hr/daily swing lo zones shown on current near-term 4hr screenshot below with 5690-79 being 2 x unbreeched fibs major moves up from 4225-6297.

Currently a 4 x fib cluster of the moves down from 6297 to current 6758 lo resides @ 5832-37 and is the 1st upside obstacle to a greater recovery, at the4 base of the previous 4hr/daily swing lo zone.

G/L

http://www.easy-upload.net/fichiers/z.2010112483924.gif

wow..nice...colourful here....

The 15min bearish master thrust engulfing candle just closed just engulfed the last 30 x 15min candle bodies....that previous 1hr swing hi/4hr & daily swing lo zone with the 4 x fibs cluster providing more supply. Current near-term 1hr screenshot is below.

G/L

http://www.easy-upload.net/fichiers/z.2010112491724.gif

Yes it's very pretty ! We may not know what we are doing but we can draw pretty pictures !

1hr hidden divergence at the current daily hi at that potential sbr/res zone.. How strong are the bears today ? Will it result in a with trend follow thru to a new lo ?

G/L

Euro may find a bit of support here...which will give Cable a boost,short term at least

Chart filled, now down.

What levels do we have for 1.57xx?

Some random thoughts.

a. The daily Pivot in that mix at the current daily hi...how did I miss that ? Lol...4 x fibs a previous 1hr swing hi zone and previous 4hr/daily swing lo zone there too as discussed above.

b. Yesterday's 5758 lo at the bottom 1hr and seperate 4hr descending channel bottom/monthly s1 was also 127% fib extension of the recent 5835-6093 daily swing.

c. Price has entered the top 1/2 of the previous 4hr sw lo zone at it's current daily lo, this zone leading down to yesterday's lo where it has encountered some demand

d. Uk Q3 GDP revision due at 0930am london, 0.8% the initial #, any steep downside revision could see £ come under pressure, and conversely any upside revision or even if it stays the same @ 0.8% could see some £ strength ? It's data of course so anything can hapen and other data releases at same time...but this the main one.

G/L

Decent enough 1 and 5min bullish divergence plays at the re-test of yesterday's lo...monthly s1.....am just flat again going into data at 0930am Uk. Actually bullish div to the 1hr...price still only at 49% of the 20 day average pip range so far today...feels like more lol !!

G/L

how is everyone doing today? thanks for sharring more pips!

Good here thx, although thread is pretty dead.
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No revision to Q3 Uk Gdp @ 0.8% so a good number in a very bearish market !!...

Finishing here with a final look at the 1hr current near-term screesnhot.

G/L

pretty pictures......that's brilliant

Bull div on H4
H Bull Div on D1

turn of the tide?

I'm waiting to see if we can break 1.5757. Then I will look to short. Unfortunately I've missed a couple of entries today been trading kiwi instead.

any news at gbp or eur will give both pair an advantage.. what about this news?

EUR Industrial New Orders m/m
http://cdn.forexfactory.com/images/m...etail_star.gif -3.8%
-2.6% 5.1%

try to go north but really mess up right now..convincing on bearish..but who knows..

anyone?

To me daily chart looks bearish. I'm looking to short soon

Think everybody's moved over to the Euro thread enjoying Cloggie's muppet-bashing! Anyways, enjoy reading your analysis. Keep it going, bro!

done, target met. shorts now cleared. my position is now flat.