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Cable Update (GBPUSD)

  • #339,901
  • May 2, 2013 5:05am May 2, 2013 5:05am
Quoting nAVIN2007
{quote} its interesting how we all read charts..i just noticed yur USD chart..too me that chart is bearish ..double top and hoovering just under resistance.. damn good conviction with 4 solid bears candles..holding below the low swing of previous..major resistance (bear flag) gbp isnt bearish..im actually seeing the opposite to u amigo
lol..."Hope"...can do that to ya.

Dollar just gave a nice daily pin off pretty strong support and what about the GBP double top now hovering just below resistance with room to drop?

All GU is doing in my view is trying to test the 4 year triangle it finally broke out of. I could be 100% wrong and some BS news could come along and blow all TA out of the water. But since I have nothing on the line, I "think" my sight is clear.

As always, we shall see.

EDIT: Perhaps a wider view of the dollar will help. To me, it's just consolidating over support. "Usually" a good sign for continuation.
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Ghost Rider - WWTBMD?
  • #339,902
  • May 2, 2013 5:21am May 2, 2013 5:21am
Yes I read it the same way too. Sitting above ready to move up.
Quoting albchr
{quote} lol..."Hope"...can do that to ya. Dollar just gave a nice daily pin off pretty strong support and what about the GBP double top now hovering just below resistance with room to drop? All GU is doing in my view is trying to test the 4 year triangle it finally broke out of. I could be 100% wrong and some BS news could come along and blow all TA out of the water. But since I have nothing on the line, I "think" my sight is clear. As always, we shall see. EDIT: Perhaps a wider view of the dollar will help. To me, it's just consolidating...
  • #339,903
  • May 2, 2013 5:38am May 2, 2013 5:38am
The price is consolidating on the upper side of the ascending channel, because of a heap of good GBP news and not so good USD news. The market had expected the opposite. Nevertheless, even though the fundamentals came to a surprise to us all, the price is still ranging within the channel and has still failed to break.

If the fundamentals in the next few days are an ounce good for US, then GBPUSD bearish move will commence immediately. If they are not good for the US, then the price will test the 1.56 area again, or the upper line of the ascending channel or 50% fibo line. However, any break above (if any) will be short lived as the price will be overbought on the daily chart , and downward pressure will continue next week as the fundamentals fade away and technicals start taking over.
  • #339,904
  • May 2, 2013 6:34am May 2, 2013 6:34am
prepare tp frenzy time in about 15 min and level 2 in about 1 hour..
when GOD brings you a challenge he also gives you the power to deal with it
  • #339,905
  • May 2, 2013 6:48am May 2, 2013 6:48am
no reaction
  • #339,906
  • May 2, 2013 6:53am May 2, 2013 6:53am
Quoting Trader88q
no reaction

u call this no reaction..the mofo is heading up..euro rate cut shows the bastards are concerned abt euro but they have finally actually taken the fingers out of the butt..and that is positive
  • #339,907
  • May 2, 2013 6:54am May 2, 2013 6:54am
Quoting Trader88q
no reaction
frenzy no 2 will bring beter reaction with it..
when GOD brings you a challenge he also gives you the power to deal with it
  • #339,908
  • May 2, 2013 7:09am May 2, 2013 7:09am
down little bit now to roze it up later...

my thinking...
when GOD brings you a challenge he also gives you the power to deal with it
  • #339,909
  • May 2, 2013 7:11am May 2, 2013 7:11am
Entered in the rejection zone Or going to break the channel ?
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  • #339,910
  • May 2, 2013 7:11am May 2, 2013 7:11am
Quoting nAVIN2007
{quote} u call this no reaction..the mofo is heading up..euro rate cut shows the bastards are concerned abt euro but they have finally actually taken the fingers out of the butt..and that is positive
they are thinking what to do. to sell dollar or buy. generally speaking rate cut is very bad thing thats shows european union is in big trouble.
UK is in the middle between stable US and weak europe.

they are waiting what Draghi will say. But what ever he say and what ever it takes to save euro i think today euro will drop sharplly. after it pound will weaken too.

so now i left all technicals and just discusing. when technicals will back again i will back too with numbers.
now it just dont work.

only can say that we are at the chanell edge and very near is another barier 50% fibo. Those two factors are very strong bariers. Another thing that pound is overheated with buying.
  • #339,911
  • May 2, 2013 7:29am May 2, 2013 7:29am
i really hope anything happens with the set of numbers now.. getting really bored...
I still need a trading break soon!!! "Loose some to win more" --Baher A.
  • #339,912
  • Edited 7:59am May 2, 2013 7:39am | Edited 7:59am
Hopefully will not go further 56, if thus then will seeing area 57.
  • #339,913
  • May 2, 2013 7:42am May 2, 2013 7:42am
Quoting skyhawkps
Hopefully will not go further 56, if thus then will seeng 57 area.
i honestly can't resist the temptation to laugh at this 15 min bar...
I still need a trading break soon!!! "Loose some to win more" --Baher A.
  • #339,914
  • May 2, 2013 7:45am May 2, 2013 7:45am
Quoting baherhosni
i really hope anything happens with the set of numbers now.. getting really bored...
Seems like your set of direction already... I'm confused which side are u now?
  • #339,915
  • May 2, 2013 8:00am May 2, 2013 8:00am
Quoting skyhawkps
{quote} Seems like your set of direction already... I'm confused which side are u now?

honestly.. i am short..
I still need a trading break soon!!! "Loose some to win more" --Baher A.
  • #339,916
  • May 2, 2013 8:12am May 2, 2013 8:12am
Incredible support at 1.5540 ish zone...
  • #339,917
  • May 2, 2013 8:15am May 2, 2013 8:15am
Quoting baherhosni
{quote} honestly.. i am short..
  • #339,918
  • May 2, 2013 8:18am May 2, 2013 8:18am
news/noise/fulse/bullshit!!!

will trade after this nonsense bullshits
when GOD brings you a challenge he also gives you the power to deal with it
  • #339,919
  • May 2, 2013 8:22am May 2, 2013 8:22am
Got in last night, took profit after ECB rates. Now waiting for a good opportunity to go long again.

The good news will push it south a bit for today and maybe tomorrow as well, but the question is how far south?
The weekly bar will end positive and Surely it will rise again next week. That monthly hammer can not be stopped.
I agree with navin that we will be looking at 1.6 or 1.58 this month.
  • #339,920
  • May 2, 2013 8:25am May 2, 2013 8:25am
gbpusd going down but not convinced of follow through yet.
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