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Cable Update (GBPUSD)

  • #279,301
  • May 17, 2011 3:05am May 17, 2011 3:05am
So...???...GU is uptrend or downtrend now? please share....
"sharing knowledge make us more rich"
  • #279,302
  • May 17, 2011 3:08am May 17, 2011 3:08am
Quoting rullyforex
So...???...GU is uptrend or downtrend now? please share....
well,your chart has told you the answer .
A chart helps those who can read it.
  • #279,303
  • May 17, 2011 3:10am May 17, 2011 3:10am
Quoting rullyforex
So...???...GU is uptrend or downtrend now? please share....
folk use different ways to determine trend...for me weekly is in a general uptrend, daily still in a general uptrend, 4hr a general downtrend, and 1hr mixed but may be entering a classic uptrend. Find the way that fits best with you.

G/L
ex member
  • #279,304
  • May 17, 2011 3:10am May 17, 2011 3:10am
Sell at 1.6320, Target: 1.6170, Stop: 1.6355

Although the British pound retreated after yesterday’s rebound to 1.6255, break of 1.6160 (yesterday’s low) is needed to confirm recent decline from 1.6747 top has resumed and extend weakness to 1.6147, then 1.6120, otherwise, further consolidation would take place. Above said resistance would bring another corrective rebound to the Ichimoku cloud top (now at 1.6264), then towards 1.6300, however, resistance at 1.6322 should limit upside and reckon 1.6333 (50% Fibonacci retracement of 1.6518 to 1.6147) would attract renewed selling interest, bring another decline later.

In view of this, we are still looking to sell cable on further recovery but one should exit on next decline as minor support at 1.6091 should hold from here and risk has increased for a rebound later. Only above 1.6376 (61.8% Fibonacci retracement of 1.6518-1.6147) would abort and risk rebound to 1.6400/10 later.

(from the action forex site)
  • #279,305
  • May 17, 2011 3:12am May 17, 2011 3:12am
Quoting geniusztc
lol. you got my mind .
well last month's cpi drop from 4.4% to 4.0% followed by another this month would certainly give the boe/MPc something else to think about ...although Mervyn King was intimating last week that he expected cpi inflation to top out above 5% this year.

Let's see what happens..

G/L
ex member
  • #279,306
  • May 17, 2011 3:18am May 17, 2011 3:18am
Quoting rullyforex
So...???...GU is uptrend or downtrend now? please share....

That depends on your time frame.....for intra day, there's been an uptrend since ~5am CET, with Frankies Hour providing some typical action as I posted earlier elsewhere......
Attached Image (click to enlarge)
Click to Enlarge Name: may 17 gu 5m 1013.gif Size: 20 KB
Trading Levels with WRBs
  • #279,307
  • May 17, 2011 3:24am May 17, 2011 3:24am
Quoting Islander
That depends on your time frame.....for intra day, there's been an uptrend since ~5am CET, with Frankies Hour providing some typical action as I posted earlier elsewhere......
Look like some good trades there, Islander.
Gone to a better place
  • #279,308
  • May 17, 2011 3:29am May 17, 2011 3:29am
Quoting smikester
Look like some good trades there, Islander.
Thanks, I've almost collected my daily quota - now I'm hoping that the CPI data will allow me to pirate the remainder http://www.forexfactory.com/images/icons/icon6.gif
Trading Levels with WRBs
  • #279,309
  • May 17, 2011 3:33am May 17, 2011 3:33am
Quoting bbmac
well last month's cpi drop from 4.4% to 4.0% followed by another this month would certainly give the boe/MPc something else to think about ...although Mervyn King was intimating last week that he expected cpi inflation to top out above 5% this year.

Let's see what happens..

G/L
hit my pending long position @ 6280 .
A chart helps those who can read it.
  • #279,310
  • May 17, 2011 3:34am May 17, 2011 3:34am
Glad I never had a sell on, big up of 50 PTs just goin to wait for 10 mins now then may sell?
  • #279,311
  • May 17, 2011 3:35am May 17, 2011 3:35am
1.63 will no doubt cause a pause.
Gone to a better place
  • #279,312
  • May 17, 2011 3:35am May 17, 2011 3:35am
(RTTNews) - The pound staged a strong rally against its major rivals in early European trading on Tuesday ahead of U.K.'s April inflation figures. The pound thus rebounded from yesterday's multi-day lows against the euro and Swiss franc.

At 4.30 am ET, the Office for National Statistics is set to announce the inflation figures for April. Inflation is forecast to rise marginally to 4.1 percent from 4 percent in March.

British annual inflation has been hovering above the 2 percent target for 16 straight months and if inflation remain elevated as expected this month, Bank of England Governor Mervyn King will be forced to write another open letter to Finance Minister UK chancellor George Osborne.
  • #279,313
  • May 17, 2011 3:35am May 17, 2011 3:35am
Quoting _BBKing_
upper hourly channel is 6320-6360 range.
lets see if goes before tomorrow.

90% of traders use TA, indicators and prediction
  • #279,314
  • May 17, 2011 3:35am May 17, 2011 3:35am
This is 4 last CPI
Oč = forecast
Sk = Actual

We can get 1.6335

http://www.apbgame.cz/iddqd77/forex/GBPUSD.jpg
  • #279,315
  • May 17, 2011 3:43am May 17, 2011 3:43am
4.5% from 4.0% on cpi - so no 2nd consecutive monthly fall...although a slight drop in rpi to 5.2% from 5.3%, underlying cpi however rises from 3.2% to 3.7%.

Knee-jerk £ buying on data release followed the prevailing general intraday sentiment although price now encounterning some supply at the previous 1hr swing hi zone just below a previous 1hr/4hr swing hi zone...

Does this encourage the MPC hawks and more importantly fence sitters re next move in rates ?

G/L
Attached Image (click to enlarge)
Click to Enlarge Name: z.jpg Size: 107 KB
ex member
  • #279,316
  • May 17, 2011 3:43am May 17, 2011 3:43am
trigger my pending long at 1.63, now just sit back waiting to reach 1.635
  • #279,317
  • May 17, 2011 3:46am May 17, 2011 3:46am
steep 15min ascending t/line now

G/L
Attached Image (click to enlarge)
Click to Enlarge Name: z.jpg Size: 62 KB
ex member
  • #279,318
  • May 17, 2011 3:51am May 17, 2011 3:51am
Quoting bbmac
4.5% from 4.0% on cpi - so no 2nd consecutive monthly fall...although a slight drop in rpi to 5.2% from 5.3%, underlying cpi however rises from 3.2% to 3.7%.

Knee-jerk £ buying on data release followed the prevailing general intraday sentiment although price now encounterning some supply at the previous 1hr swing hi zone just below a previous 1hr/4hr swing hi zone...

Does this encourage the MPC hawks and more importantly fence sitters re next move in rates ?

G/L
no 2nd consecutive monthly fall eh~~~
A chart helps those who can read it.
  • #279,319
  • May 17, 2011 3:51am May 17, 2011 3:51am
publication of Boe governor King's letter to Uk Chancellor Osborne re inflation target overshoot expected as well as Boe/mpc member and uber-dove Posen speaks - all coming up.

G/L
ex member
  • #279,320
  • May 17, 2011 3:52am May 17, 2011 3:52am
Quoting geniusztc
no 2nd consecutive monthly fall eh~~~

in the headline cpi rate...which went up from 4.0% to 4.5%.

G/L
ex member
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