Cable Update (GBPUSD)

​hmm, I was tempted by 1.4280 with a tight stop, (6 pips) but I thought better of it... UJ starting to drop and test NYO but pound and euro falling against dollar... still weakness in both currencies atm for me

dean hey bro check out that GJ sideways channel could be worthwhile for scalping now!

Heading easily to 1.4400 this week. Today move was exhausted, expect a pullback before another rally tomorrow.

#GBPUSD adding to my short position @ 1.4274

based on your chart print out you should be going long though. )))

True but a correction is just around the corner

that is if my calculation are correct....

was a very nice setup for 30+ points trade.

it might indeed be the case

Good eyes LI1979

wont be happy with that 1.4280 level I mentioned if it doesn't hold at least 30 down at 1.4250 or so...

4240-50 looks like another good buy area for 4325

Looking at this weekly candle we are probably going to revisit 1.4400 this week. So I think yea, buy dips

Agree with the target zone, but think that a good spot to buy in would be nearer 4220.

Penny, for them!

probably, just referencing the retest of the broken 50fib and previous 4hr resistance zone around 4250.

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Weekly Forex Risk Calendar. Week 10, 2016

I highly recommend saving the below events into your google calendar as a part of weekly routine. Please see further analysis below. It includes Tuesday to Friday trading sessions.


This week we are looking at two major events.

1. RBNZ rate decision and policy statement. Officially, market expects rates to stay unchanges but there is some speculation on the cut.
2. ECB will make headline on Wednesday with the similar statement.

Trading Highlights of the week:
Monday, March 7th @ 3:30am JPY BOJ Gov Kuroda Speaks
Tuesday, March 8th @ Tentative:0am CNY Trade Balance
Tuesday, March 8th @ 9:15am GBP BOE Gov Carney Speaks
Wednesday, March 9th @ 9:30am GBP Manufacturing Production m/m
Wednesday, March 9th @ 3:0pm CAD BOC Rate Statement
Wednesday, March 9th @ 8:0pm NZD RBNZ Official Cash Rate and Rate Statement
Wednesday, March 9th @ 11:0pm NZD RBNZ Gov Wheeler Speaks
Thursday, March 10th @ 1:30am CNY CPI y/y
Thursday, March 10th @ 12:45am EUR Minimum Bid Rate
Thursday, March 10th @ 1:30am EUR ECB Press Conference
Friday, March 11th @ 1:30pm CAD Employment Change

Tuesday

Tuesday, March 8th @ Tentative:0am CNY Trade Balance
Pretty important piece of data for China. China is one of the top exporting countries and the biggest supplier of goods. Lower trade balance would suggest exports prevail over imports hence the rest of the world (Chinas partners) are also recovering. The lower number would suggest sluggish growth elsewhere. This report always has an impact on AUD and other commodity currencies.
Market expects 329B vs 406B previously. Lower than expected number would send AUD crosses lower on the day.
Tuesday, March 8th @ 9:15am GBP BOE Gov Carney Speaks
Carney speaks before the Parliamentary Committee in London. Central bankers speeches are always worth to keep on eye. Carney could potentially mention monetary policy in details. Positive statements would be positive for the local currency (GBP); dovish tone could sell off GBP.

Wednesday

Wednesday, March 9th @ 9:30am GBP Manufacturing Production m/m
Market expects 0.2% vs a negative 0.2% prior. Given pretty bad streak of economics news from UK recently, I wouldnt expect this to print any better. GBPUSD is now approaching an important resistance at 1.4350. A negative print would add to bearish bias on Cable.
Wednesday, March 9th @ 3:0pm CAD BOC Rate and Statement
BOC is expected to stay put on rates for the moment. Low CAD prices on the back of cheap oil had a simulative effect on the Canadian economy over the past year or so. This trend continues. There is no reason for BOC to act with the currency that cheap.
Wednesday, March 9th @ 8:0pm NZD RBNZ Official Cash Rate and Rate Statement
This could be an event of the week indeed. Officially the market expects for rates to stay unchanged at 2.5%. From the other hand, there is a good bit of speculation between analysts expecting RBNZ to cut by 0.25%. If this is the case, we could see a sharp decline across NZD crosses right after the release.
Wednesday, March 9th @ 11:0pm NZD RBNZ Gov Wheeler Speaks
This will be in spotlight depending on the previous happenings with rates.

Thursday

Thursday, March 10th @ 1:30am CNY CPI y/y
Chinese CPI is expected to print unchanged at 1.8%. There is no pressure on inflation in China. Deviations from expectation would not have so much impact on currencies across the board. Markets are more concern about industrial production and monetary policy in China.
Thursday, March 10th @ 12:45am EUR Minimum Bid Rate
Thursday, March 10th @ 1:30am EUR ECB Press Conference
Another big event on the week. Markets are looking out at ECB to ease further. Minimum bid rate is expected to remain unchanged at 0.5% but ECB could stimulate other variables like Deposit rate. This is expected to be cut by 0.1%. QE could be also bumped up.

Friday

Friday, March 11th @ 1:30pm CAD Employment Change
This is probably non-event, given the rate decision was announced only two days ago.
Happy Trading

A bearish daily candle on the GBPUSD may confirm exhaustion of the bullish pullback, the pair may go back down.

142 620 took a position in new york time looking at 142 255 to scalp
say 35 pips when we close but then after this i got a long position for the day ..

supposing one is correct of course

What's your s/l on the position, out of interest?