Cable Update (GBPUSD)

Agree..
looking for long 1.6..

already buy at 1.5930 tg L 1.6000
Happy trading all...

G/M

Downside follow thru on Friday's Daily and last week's weekly Bearish candle's to 5912 before the demand came in, falling below the previous daily/weekly swing lo zone to 5934. Pullback to 5972 found supply at the underside of the previous 1hr ascending trend line.

Near-term below current daily lo (5912

5888 Daily S2
5878 61.8% 5343-6746
5848 [61.8% 5290-6746] - 5819 Minor previous Daily swing lo zone
5842 Weekly S1
5826 Daily S3
5790 [38.2% 4225-6746] - 5746 Previous Daily swing lo zone
5735 Monthly S2
5727 Weekly S2

1hr/4hr/daily remain in opa downtrends, the daily printing a 2nd LL after 3 x LH's. Price remains below the 1hr/4hr/daily 100/200sma's and the 100sma remains below the 200 on 1hr/4hr.

upside fibs on drawn on 4hr/daily from 6746,6546,6470,6441,6262 to the current daily lo 5912 and from 1hr from 6148 (?) and 6046 to same lo.

Current near-term 1hr screenshot below.

30 degrees celcius here in Central London yesterday, 32 expected today..very nice !

G/L

maybe it a bit too early to think about 58's
but..... i let it run.
already got nice monday morning's profit.

watch out for longs, i think is possible as we are in demand area, but pick near support lines and place stops @BEp as soon as you can. pressure down still strong!

It should sustain above 1.5942 for any hopes of any up moves.

we probably need to see a recovery and break above last 4hr LH @6046 to relieve the underlying bearishness ?..and for thebulls in a position, preferably with a HL printed at some poing at least on 1hr.

G/L

Good day to all of my friends. Today i will be looking for sell below 5910 for the target 5830. I dont see any bull to take over before we see 58xx area. good luck to all of you who took long. careful we are still under bear control.

So the politicians have arranged to give Greece more loans to pay the loans they cannot repay beacuse their economy is shrinking, and as the price for this they insist on increasing taxes and decreasing spending - which will further shrink the economy and make re-payment more difficult ! Doh !

I for one hope that the market's and the Greek parliament when it meets this week to approve the austerirty measures will give it the thumbs down for the folly that it is....if the Greek parliament votes against it, expect some fireworks in the global markets as risk apetite will probably take a severe knock ?

G/L

Good rejection of day's (and this week's) high, with a bearish engulfing on the hourly:

hello rajesh how u doing today.

are we waiting for a big drop??

maybe those who think their analysis is predictive are ?

5910 looks good to me as a sell point. Looks like we may have a ranging day, though.

Amongst the Uk event risks for this coming week are : Uk's Final Q1 gdp tomorrow +0.5% the last print, and any decrease in this could be met with some knee-jerk (+?) £ selling...conversely any significantly better final print could se some knee-jerk £ buying. Merv the Swerv is flapping his gums together on Wednesday morning and any talk of a possible 'QE2' could send £ down. Thursday see's Boe credit survey and manuf pmi and again these could send the £ down if conditions worse than Q1/a fall nearer the 50 level repectively.

PS: What do you get if you preside over the worst fiasco in 1/2 a century in the financial markets, and miss your inflation target for 36mths in a row? - that's right - a Knighthood Lol ! Merv becomes Sir Merv of Swerv..only in Britain ! Roll on the revolution !

how is it that i can hit resistance and support pionts with pinpoint accuracy then cock it up by trading the wrong direction at those points !!!!!!
frustrated

Price challenging area of Daily Pivot, this follows a LL on 1hr at today's current 5912 Lo followed by a LH, HL, H., HL and now this HH (strict fractal swings.) Above current daily hi is 5990-96 a 3 fib cluster inc 23.6% of 6262-5912. Also 6036-46 that previous 1hr/4hr swing hi (last 4hr pullback hi,) a 3 fib cluster there too including 38.2% of said move.

G/L

Finishing own trading session here to enjoy the sun...

G/L all.

Maybe just lucky me ...
close at 1.6000

Happy trading all

Same here, close half at 1.5998, rest at 1.6006.

GL.

Be interesting to see if 1.6 holds. It's also the 61.8 retrace of Friday's drop. I'm still flat, my shorts from last week having been stopped out. I still wouldn't be surprised by a retracement to test 1.61xx, perhaps 1.6154. I'm not trading this pair today after this morning's whipsaw. I'm taking my ball home.

Close...