Cable Update (GBPUSD)

G/M

Subdued 68pip range yesterday, the Lo finding support at the previous 4hr/daily swing hi top it's then Daily R1 and then 23.6% of the then 6003-6939. Today's current 6367 Hi is 74.6% of 6546-5779 and a pullback here has found demand at the broken previous 1hr/4hr swing hi zone around last week's hi.

Above current Price:

6366 76.4% 6546-5779
6376 61.8% 6746-5779
6387 Monthly R1 @/around, Daily R3 @/around here too.
6420 Weekly R1 @/around
6425-42 previous 4hr/daily swing hi zone
6452-71 previous 4hr/daily swing hi zone
6480-96 previous 4hr swing hi zone
6520-46 previous 4hr/daily swing hi zone inc 76.4% 6746-5779 @ 6516 @ Weekly R2 @/around 6546

Below current price and the potential support/rbs factors are as shown on the 1hr chart below with a further ascending 4hr/daily trend line in close proximity and further fibs of the 5779 and 6003 moves to current daily hi also present on another chart.

1hr/4hr resume their uptrends with a 1hr b/o of that recent 6939-6262 congestion...1hr / daily 100sma's are above their respective 200sma and on 4hr remains below but pointing up.

G/L

Hi Brother...
Long time no see
How're things going with u ?

Just close my long and change to short ( set SL at b/e already ) for a while ...

rgds

0930am London sees the release of the much anticipated Uk Q2 GDP number. 0.2% the forecast consensus in a range -0.3% to +0.5%. So, notwithstanding any market impact from any U.s debt ceiling deal announcement, we could well see £ under pressure on the knee-jerk (+?) market reaction if the lower end of the forecast range occurs, particularly if a negative number. Conversely we could well see a relief rally on the knee-jerk (+?) if a good number of say +0.5% + Revisons to previous +0.5% might also play (do they do revisions or is 0.5% for Q1 the final # ? Can't remember,) but whatever, you get the idea.

Does Vince Cable know something with his comments re a possible QE2 ? (distanced by downing st this a.m) The Sunday Times and others think they do with a -0.2% trailed for last couple of editions.

Uk Chancellor George Osbourne has been defending Govt economic policy in general / defecit reduction plan in particular yesterday. Govt will already have the Q2 Gdp #... Question -Would he be doing this today if it were a good number ? (due for release 0930am today,) Well, time will tell - draw your own conclusions -or- wait for the number.

G/L

M formation almost complete... get ready

some supply leading to that 76.4% 6546-5779 then ? 6360-67.

How bad will this Uk Q2 Gdp # be ? We'll know in less than 1hr.

Rumours continue of a bad number - is it a classic buy the rumour sell the fact play ?

G/L

Interesting, you explain very well. worthy

I'd like to see either 0% or below or +0.5% or above re the upcoming Uk Q2 Gdp prelim #...the more extreme the better - for a tradable market reaction on the knee-jerk (+?)

G/L

H3

Aniway this is forex.......UP/Down wherever she wants..........

why we must care ...

My Chart tells me that GU continues in an Up Channel.

Channel range is 6275/ 6381

Near Resistance is at 6373 break thru it, can develop a move to 6441.

For now am holding a short sentiment with a sell limit at 6358 targeting 6295. Just want to see how it plays out.

You will care in about 17mins lol !

G/L

well so many short position from brotherhodd of forex factory hehehe
are u all guys sure i going down hehehe


lets sell 15 more minutes

yeah.....agree.......news.....lol

Uk data T-4 will it be a game changer ?

G/L

crap, cable just jumped up to 1.64 in a heart beat

here it goes the game..........and close at b/e hahhaha

Good straddle there, 40 pips in about a minute, excellent.

anyone got a better news trade than this beauty? 69 pips in one minute

WTF happened there

I knew there was something fundamental moving the markets today, I went long on 1.6339 after the fourth touch around that area on a m15 timeframe and scored.

I'm gonna start keeping an eye on the economic calender.

it's absolutely necessary