Cable Update (GBPUSD)

Current near-term 4hr and 1hr charts are here:

G/L

Dealing with potential support/rbs factors to the downside of current price (including Monday's pivots)

5582-75 prev minor 1hr sw lo zone (Friday's Lo)
5573-69 prev 1hr prev minor sw hi zone
5562/59 85.4% 5525-5780/61.8% 5422-5780

5550-36-25 prev 4hr/1hr sw lo zone incl 5541 = 76.4% 5467-5780, and 5540 = Daily R1 @/around

5513 85.4% 5467-5780
5507 76.4% 5422-5780
5503-5495 prev 1hr sw lo zone

5487-77-68 prev 4hr/1hr sw lo zone incl 5484 = Daily R2 @/around and 5475 = 85.4% 5422-5780

5465-60-57 prev 4hr/1hr sw lo zone
5445-35 On Monday's Daily candle -Daily Asc t/line incl 5443 Weekly S1 @/around
5434-22 prev Daily/4hr/1hr sw lo zone
5410-5390 Steepest Weekly t/f asc t/line
5386 85.4% 5270-6165
5369 Monthly S1 @/around
5420-5345-5330-5270 prev weekly/daily/4hr swing lo zone incl 5337 = Daily S3 @/around and 5290 = Weekly S2 @/around

5190/89 = Daily S4 @/around and 5189= 61.8% 4225-6746
5095-85 Weekly t/f asc t/line
5046 Monthly S2 @/around
4967 Weekly S3 @a/round
5015-4947 prev weekly sw lo zone
4819 76.4% 4225-6746
4662 Monthly S3 @/around
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I will detail the potential resistance/sbr factors to the upside of the price when I start trading again on Monday morning (gmt.)

G/L

I see cable as tricky. Not yet reached resistance right on the 61.8 retrace and near weekly 55ema. Unusual to stop at 50 retrace.

G/U Daily , bearish .

its actually its characteristics

This is my view of the pair...The pair has retraced %50 of the last completed wave which moves in a downwards sloping channel...But it is exactly at the potential bounce-up level which may be profitable for a BUY order.İf the price really bounces up and breaks the median line then the target is the upper line of the channel ..But my first target will be 1,5918...and SL is : 1,5535

On the other hand i will place a pending SELL order at 1,5535 for a possible continuence in the downawards movement...the break of the 0,382 will give me a clue that it is no more a retracement...ffurthermore it is a motive wave...so my target will be 1,5281 for that pending SELL order...This time SL : 1,5665

I believe cable is the most respectful of 50 fib and 1hr 200 sma of all pairs, why you think is unusual?

Kiwi

It's interesting, I have mostly observed the GU to track down the 61.8 retrace like a bloodhound. Putting at the most recent high however, it looks to have reached the 76.4 last 3 days, but closed below the 61.8 each time. I am short from Friday so here's to a bearish gap.

I'm very interested to follow this move, if only for my own sake.
It seems to me the GU is forming a second 4hr channel parallel to the one a couple of weeks back. Soon to hit resistance though so watching my lines closely.

This should hopefully also help the bears cause.

From FF News:
Speculators increased by more than half their bets that the dollar will strengthen last week, piling on net wagers worth $17.8 billion as of Nov. 29. That represented the largest net position in favor of the dollar since June 2010, data from the Commodity Futures Trading Commission's weekly report on the commitments of traders showed Friday.

The 54% jump in optimistic bets on the dollar's rise comes during a period of high global tension over the fate of the euro and Europe's economy.

Investors have abandoned the common currency as fears about European countries' fiscal woes have taken hold. Last week the market held net wagers that the euro will fall worth $17.4 billion, or 104,302 contracts, up 21% from the previous week, the CFTC's data showed. That was the largest net bet against the euro since May 2010.

Traders maintained their views on the yen's prospects, holding 7% fewer bets that the yen will rise, or a net $6.5 billion. Net contracts on the yen's strengthening totaled 40,547.

The Swiss franc, which has benefited from a strong show of support by the Swiss National Bank, suffered from a sharp downshift in investor sentiment. Traders bet a net $1.3 billion, up 58% from last week, that the franc will decline, or 9,327 contracts.

More investors also thought the Canadian dollar and British pound will decline. The market held a net $2.6 billion in bets against the Canadian dollar, up 22%, and a net $4.5 billion in bets against the pound, up 27%.

Investors were also considerably less optimistic about the Australian and New Zealand dollars. The market's bets were down 29% in favor of the Australian dollar and 52% for the New Zealand dollar.

already posted 2 pages back

Oops sorry

may may changed recently..but in the past a bounce at 50% level were setup we kept seeing infact since i started trading and even in trading manuals observations at the 50% for cable have been must must area of concern

market now has changed, its a very different market with a lot of uncertainity

newbie try to predict ..
Based on Standart Deviation level,Maybe price will drop at around 1.55xx/1.54xx (stell blue/grey box) and than will rise back to area 1.56xx or higher..If wrong im sorry!

bas on that where going up to 1.5780

hi ibb
u r advanced trader!
my gu thought for next week
http://www.forexfactory.com/showthre...77#post5192577
what ma u have in ur chart?
happy pipping n cheers

Exactly seeing this ,though plaing the same but more clearer than eu for the down trend to continue perhaps towards 50XX while limit for bear goes more up 5835/5877 & so if any bull attempt next week before the fall . eu limit for bear much nearer only 3606 , below the bull kill level 3613 also .
why 50XX gu , see daily chart .
fontu

Hi Tradpat,
They are the 200 and 55 emas.
To be honest, I don't think I am too advanced, in fact I have nearly quit about 6-7 times but find it hard to give up. Following my emas, always drawing trendlines and following macd divergences etc. I think this weekly GU wedge is only going to get tighter to be honest. When it does break, it will be to the downside I feel. I mean, every major timeframe 200ema is above it what has possibly improved since the GFC? I am only shorting for now.

Ha, beautiful Redsword, exactly what I need at 6am on a Monday on my way to work, you're a lifesaver, beautiful