Cable Update (GBPUSD)

Good week for the USD.

Who also thinks that we will see another down week for the GBP ??

1.2343 atm

I guess a small gap to north when market opens (1,2370/80).
But Draghi's words on Monday, could give us a direction, until Friday's gbp data.

Seem to gap up price now 12364

If you are tracking the cable this week, you may be interested in my technical perspective on the pair.as follows:

The overall trend is downwards. On the weekly time frame, after reinstating a downward trend in May 2014, the pair has completed three price waves to the downside. A fourth price wave which began in August 2016 was followed by a period of consolidation and then resulted in a play of a corrective price action which started three weeks ago. Last week a bearish candle attempted another price move to the downside. The resulting price action may be to target the low of the fourth price wave, around 1.19710 and the technicals on the weekly time frame seem aligned for this. Details are shown at weekly technical outlook.

Trade safe.

KP

Attached Image (click to enlarge)

It will be a good 2017 for the USD against the pound with the recent news.. american economy expansion and pound weakness with quick rising levels of inflation to slow the pound down.

Im glued to Cable since the Brexit

It the only Chart im watching at the moment..

I wasn't surprised to see another flush to the downside after Gbp/Usd got above 1.2500, but I don't expect the absolute low to be tested again. I could, of course, be horribly wrong, but I'm looking for this market to find support somewhere between current levels and maybe as low as 1.2250 or even 1.2200. The one thing the pound is famous for, on virtually every time frame, is managing to scare almost everybody out of the buy side just before it rockets upward.

The pair seems losing its upward strength, risk turn towards the downside, break below Friday low 1.230 would suggest further decline towards 1.22 level.

GBP has held up quite well on the crosses.

Its more a US dollar play than anything else.

Take a look at EURO. That's starting to crack as more polls suggest other EU nations are moving to the right .

True - I'm partially able to weather a bit of a storm in Gbp/Usd because I'm fortunate enough to be long Gbp/Aud from 1.5965.
csc2009 is right also - a break below 1.2300 would probably carry a bit further down. However, the Sunday opening certainly shows no dramatic Usd strength anywhere that I'm looking. You could easily see some profit taking by Usd bulls, at least to start off the week.

Now time for 1.20 soon.

are you sure?

GBPUSD correction

Im going to play with the alligator this week.

Newbies.

This is a teaching, not a must do now.

Trades are your choice.

If price breaks over jaws creating a high followed by a retracement, that is where a buy order 5 pips above that high with stop at the lowest low on that alligator would be placed.

So if price continues south without retracing over jaws i remove lower TL.

Your exit, alligator jaws.

I personaly class each break after a retracement over the jaws in a trend on the alligator as a WAVE so for that reason i generaly only buy or sell on the third wave according to this strategy.

So this set up on alligator is not ready for HD to do his thang yet.

1st image is usdjpy 1H. watching price currently.
Great example.

GU DAILY

RSI 2 Strategy

Developed by larry connors

When using larry conners the corrective should be below 200MA and above 5MA for selling.

Above 200MA and below 5MA for buying.

2016/11/21 MONDAY 08:41 (edited untill 09:01)
EARLY MORNING REPORT

hey wd just put messaging back on so give me a shout kinda around - bit here and there but give me a shout - up near the sierra nevada's zone working on stuff ..
might be in Bn21 end of week