Cable Update (GBPUSD)

I cannot believe u are just 15 years of age and trading so well..u have a very bright future ahead of u..

Yes of course it can - it can do anything...but I think what you mean/are asking is : - is this outcome more probable than not , ie the greater probability ? This is probably because you are short from there and underwater or short from another place above current price and this is your target ? ...whatever the case - judging by Friday's daily candle close and the last weekly candle close - this is very probable - with a note of caution - it is against daily/weekly uptrends and a curveball could come out of left field re fundies.

G/L

These are the only four big data coming out from UK this week:

ASSET PURCHASE FACILITY
OFFICIAL BANK RATE
MPC RATE STATEMENT
MANUFACTORING PRODUCTION M/M

Asset Purchase is largely irrelevant cos it has remained the same for months now, Official bank rate is also widely expected to remain the same as the 'Forward Guidance' initiative from UK, last months Rate Statement was as boring as reading about growth in Dubai or construction of another tallest sky scraper in desert. Absolutely no reaction or market movement after its release. In Manufacturing Production, market is expecting .30% rise like last month, we had .20% rise last month, one of the first red data from UK after nearly 45 days of green data.. even if it is red again this month, unless the growth is in negative I dont see any big fall from that data release.

Looking at technical charts, there is a bearish divergence on RSI in Daily Chart.. to support a good bearish move this week we need one of the following:

1. Profit taking: Which is missing from the markets after looking at the Mondays move in both EURO and POUND.
2. A negative growth figure in Manufacturing Production which can break the support level at 1.60 and topside line of 1.5955 on closing basis in Hourly.
3. A Positive Unemployment Claims from US as traders will take closer look to it in absence of NFP for this month which is yet to be released. We need something around 290K.
4. A Positive Consumer Sentiment, which is almost impossible to get these days in US.

If I really would want to see 1.5880 by this week, I would pin my hopes on Manufacturing Production Data to come out negative this month, because two US data are balancing each other.

great post bro!..

SL @ BE

Daily thrust IB candle yesterday after the heavy fall from 6259-6005. Asian session bearish see-ing a fall from 6099- 38.2% 6250-6005 after multiple tests of it, and then a bounce in the late asian session/early London session. Current the daiiy lo is @ 61.8% of 6005-6099 and 1hr looking bearish-mixed now, 4hr more bearish than anything with daily/weekly uptrends still intact.

G/L

s/o @ BE

Lets see what happens on the close of the 4H

.... bounce off 61.8% 6005-6099/76.4% 6025-6099 ...price testing a previous 1hr minor swing lo zone now (potential sbr)....how strong is this bounce ?

G/L

going short..30/50 pip from here

GL all

There's always room for one more indicator

I am short in GU as usual . I do not see any volume on the up move that happened with GU. I am still believing GU is about to sink, but it is going to sink deep, it should gather more power - I guess this is what this up move is all about, but let's see.

lets see what breaking news is attached to this one...

Where to find those news ???

thats was QUICK!!!

http://www.cnbc.com/id/101094143

UK economy should beware 'weapons of mass distraction'

Right.

what happened to GU? any news? anyone can post here?

thanks.

case of fat fingers maybe....or did someone just fart