Cable Update (GBPUSD)

Hi I'm flat at the moment. Will wait until about an hour before GBP asset purchase news and place a small trade for retracement of this mornings move up or down.

It invariably works that whatever the morning session gets traded at least 50% of way back from where it came.

I placed a small long this morning when we broke the day's high a few minutes ago. Just for interest, really. Looks like that was a good support level that we were talking about.

We are still trading within yesterday's range and that's not a good sign for trading.

Quite a lot of news for Sterling this morning, maybe something dynamic will give us more direction..

6541 ema200 h1

This morning's Services PMI I like to pull up the 1 minute chart because at 9.28 Reuters subscribers get the news. That gives me minutes to decide whether to place a stop order in the direction of the day. It's just very small lots, of course, just for interest. Anyone who doesn't know about this (Ididn't once) just pull up the FF calendar and look at previous results. Now I've said all that it will probably behave like a damp squib.

Hey, BB, do you mean this could be resistance?

...ok...we are clearly at the bottom of the channel...waiting to see 650**...for a long position heading somewhere around 657**...and then a "greedy lot to look for the top of the channel...

ps; this only holds if the news is bullish for sterling...

See that retest of the day's high? We might go up from here if it holds.

refused price of +-20 pips

6525 shuold support.
if not we see 64area again before services PMI

same

Can you post a chart, please?

look what i see in h1...

G/M

Bullish tone yesterday in cable results in an inverted pinbar close on the daily candle...this as a result of the pullback from the 61.8% 6646-6450 that has found fresh support at 6476 to see price rise again. Tuesday's big bearish thrust candle seems a tall obstacle for the bulls to overcome ?

T/f's to 4hr look a bit mixed re overall price action atm. Generally bullish tone in the London session so far in this pairing.

Event Risks: As mentioned in a post above Uk Services Pmi @ 0928/0930am then Uk Boe/Mpc rate decision @ 1200pm (Uk times.) Could see some movement on each of these data releases if not what market is expecting. So far the Construction and manufacturing pmi's have been weak this month, will services follow that pattern or buck the pattern ?..reasonable to expect some knee-jek £ weakness if this is the #...similarly reasonable to expect some knee-jerk £ strength if rates rise @ 12pm (unlikely though that is.)

G/L

Off thread subject but interesting situation in € atm, 1st b/o of recent channel on 1hr/4hr, pullback to channel and now a 2nd b/o attempt ?

G/L

What will U expected Cable On Friday , Means Still Bulls or Bears Side ?

If U on Bulls Side stay Cool as Long 6450 Holds
If U on Bears Side then we will See that level broken

Mostly to keep in our Head is as long 6431 Not broken we're still Going North but The Jetz parking at 6602 and still Waiting all Passenger pass the ticket at 6585 first after tested 5551 two days.
because the train South still waiting if passenger pass the ticket at 6450...
So Now You know where to place Your SL No matter Your Going North (Buy) or South (SELL)
here's The Chart where we On Critical Phase !!!
Thats all my opinion, Today maybe ranging 6460-6602
Good Luck Guy's

...here you are...ignore the indicators

Thanks. OK so you mean the red lines, the daily channel?

if it break the 1.4900 the targel will be 1.5150

the channel am talking abt is the diagonal red lines(cutting through the blue zones<which are my s&r>)...the trade is denoted by the horizontal red lines with the 200MA running through...hope you get it and lets see if PA validates it...

sphinx a bowl is for cereals or salad and trust me I don't see anything in there

anybody trading today ?

I will put a buy order somewhere at 1.6475 for a short scalp and a sell order @1.6440.if we trigger the sell we go down to 1.6380,my precious and hopefully the 600 pips down will be completed at one point

today and tmr is full of if's

Daily 'general' uptrend remains intact - 100sma above 200sma on that t/f both pointing up with a fractal HL developing at yesterday's Low (will become a fractal swing if today's candle closes above it's current lo.)

Will see what develops.

G/L