Cable Update (GBPUSD)

Quoting Lock

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{quote} Now, after the correction of the very weak open and the high of A period, we have still 2 possibilities. Remaining here for a while balancing around weekly bracket high at 33145. Or continuing higher up to current daily balance high (up to gb high at 33715) Going down again to correct the ugly structure below ( after the correction of those initial very weak refs above ) is also a possible but less probable. To do that we should have a lot of volume.

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Quoting HaLBot

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{quote} Locky give me the 3371 option please M8....

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Quoting Lock

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{quote} Well, for now I can give you a poor high at 3329...

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Quoting Lock

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{quote} Corrected. BTW I do not like this market. Scaling out some here could be a reasonable precaution. We are again at the open, now weak. (remember that it is 2 pips above the weekly balance high...)

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Quoting yuddy

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{quote} where is yen getting its power from??? whooa!! inspite of strong dollars ATM, yen is still sendin good punches in its crosses.

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Quoting HaLBot

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{quote} It's because Abe's stimulus package last week disappointed the markets creating a risk off environment and Yen being a flight to safety currency is being bought....That's my understanding of latest yen strength.

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Quoting iamawaited

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{quote} I dont know but i am waiting for it to get weak .... {quote} Cool.. i get outta trades too early.. now look at GCHF... urrrgh..

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Quoting bpaul

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wht's the expectations for tomorrow.as in pros & cons

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Quoting mamalujo

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{quote} i expect pound to begin to weaken as traders take profits from their long positions, as well as take short positions ahead of tomorrow.

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Quoting Ill-b-back

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{quote} a rate cut is projected, I wouldn't bet too much on that happening. It's not too often a rate adjustment on Pound or USD is not (mostly) priced in the week before, based on my own observations. A rally heading into a rate cut on this pair seems rare.

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Quoting mamalujo

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{quote} so what do u think market would do heading into tomorrow?

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Quoting Ill-b-back

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{quote} On lower TFs' leading into the announcement?, I don't know. But I don't think a rate cut is coming and we end up at least in the 35s-36s. When I say a rally heading into a rate cut on gbpusd seems rare, I'm talking about from the week before (not on the day)

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Quoting baherhosni

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{quote} From the looks of it, impulse is monthly bullish and the bearish channel is correction. So, measure Fibs then see where the 88.6% retrace from the high is. I am thinking this is where you will get the next impulse to the north (at the 88.6% level). As for a target, you can measure the length of the previous bullish impulse and then put set your target 80% of the initial impulse length..

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Quoting Bones

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well we have this month ,if this doesn't break to upside ,potentially it could go much lower over time ,I'm going to be weighing up the weekly ,see if we have the outside off the tl or pick up h12 on this up move now {quote} {image}

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