Cable Update (GBPUSD)

Quoting capitulation

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{quote} Actually the elephant in the room is Japan. The trade of our lifetime will be shorting the yen. I think it is a coin flip between the EU and the US. I don't have the patience to break this down at the moment. From my point of view I live in the US and I have vacation homes in Italy and the UK. Emotionally I root for NATO. My macro view is aligned with your thesis and I do think we will see a substantial rise in the EUR/USD I don't want to debate US M1 M2 or even M3. The next crisis in my mind is clearly in Japan. It will suck, and it will...

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Quoting Davit

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{quote} Hi Baggi There is no more fundemetal reasons for GU to move higher.Its basically correction time now.Data everyone was waiting for to break 5yrs high did not materialize. We are still in range.It may take a week or two but we will see 1.64-63 sooner then 1.70 With all the floods I suspect next month's unemployment numbers to be even worse.

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Quoting Baggi

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{quote} Davit, I'm sure you're absolutely correct about there being no more fundamental reasons for GU to move higher. I don't really know the first thing about fundamental reasons. However, the chart looks to me like it's preparing to go higher. It looks like a classic stock that runs up, consolidates, then runs up some more after a bit of a consolidation and correction. Either way, doesn't matter to me. I just want it to move at least 200 pips in either direction (more would be better).

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Quoting fourxtrader

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Whether it has topped out at 1.68215 or moves on up further… here's a screen shot of the Daily GBP/USD showing various fib retracements dating back to the long 2000+ pip run-up from 7/09/13. In every instance of a significant move, price has retraced to 38.2 - 50.0 levels. On this basis, we have a probability of a return to the 1.66046 level (38.2) and 1.65352 (50.0). Retracement on the full move could yield up to 1000 pips, 1.6050 (38.2) and 1.58165 (50.0). Dr. D. {image}

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Quoting JimmyC

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Howzit GU! GU1H chart refers. Chniese PMI shows contraction... that has some markets bothered and gave the AU a knock DXY is below daily pivot and although a rise of interest rates was discussed in FOMC with speculators immediately strengthening the dollar its still pretty weak. The FTSE 100 future has traded below the Daily support and the London open looks to be lower, all in all this will be an interesting day. I maintain an open interest in GBP short, we'll see how that goes. Technically Cable is bouncing around its daily pivot. The 50 candle...

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Quoting iqyu5an

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{quote} {image}

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Quoting cheater

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not sure if anyone see this, my chart is telling me possible downward breakout in next couple of H1 candles...hope i'm right on this

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Quoting iqyu5an

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{quote} {image}

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Quoting Davit

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{quote} Key is Euro with .88% correlation with GU. If she dives below 37 I anticipate Bear sentiment to get stronger. Putting it all together to me there is also no reason for Euro to go higher either. I have sell orders waiting EU on 38 which to me tops it off. Green pips whichever direction you trade.

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