Thread: Discuss the GBP/USD with a DailyFX Analyst

Originally Posted by meonia

Rather ambitious statement at this stage Gregory, but hey ho.

Well I'm expecting we're very near, if not just hit the reversal point high.

Anywhere in the region of 1.5290 - 1.5330, and I'd like to see a drop. UK is not out of the woods yet. Still the possibility of further stimulus (QE) ahead as Vince Cable remarked this afternoon. Inflation is coming down slowly. In my opinion, ignore Andrew Sentance right now, he seems to have his own agenda.

Euro will be nearing its reversal point too shortly. Looking for a drop down towards $1.10 levels (The top traders are predicting the Euro near parity after this temporary strength is exhausted), and the £ towards $1.35 again in the months ahead.

However, we may breach $1.54 as you say, and then I'd have to re-assess if it extended beyond the 1.55 levels, and perhaps target $1.69. But we are getting near that turning point in my opinion.

If we had gone beyond 1.55, I wouldn't mind your prediction as much, but to make it here at a critical juncture.

If you are walking your talk, where are you considering going long and would you hold it to 1.80?

Thanks

I am an unashamed scalper. But I bias my scalping to trade in the direction of the trend. This keeps me very flexible and if we get a nice retest of the breakout area, then I would place a small long and just scalp around a core position.

Originally Posted by Gregory McLeod

I am an unashamed scalper. But I bias my scalping to trade in the direction of the trend. This keeps me very flexible and if we get a nice retest of the breakout area, then I would place a small long and just scalp around a core position.

Right, that seems fair enough.

When you say you scalp, how many pips do you generally look for in a scalping trade, and how many scalps would you do in a day, generally speaking?

Thanks,
M

Originally Posted by KP FX Trader

Well, 1.80 is not even on my radar. I don't enter trades for months at a time. If I had to guess I would say, $1.80. In short: one major reason is the world is losing confidence in the USD and it may no longer be viewed as the reserve currency.

What is it about cable and 1.80? I have seen a lot of 'experts' tipping this price, almost as many that predict 1.35.

Personally I have no clue, it is interesting that cable began its rally in earnest after the G-20 of June 4, when European nations were no longer on board with 'stimulus packages' whilst the idiotic US administration appears determined to print unto oblivion.

That seems to be the kicker right now, just how long it will last is anybody's guess.

Hey Meonia, are you studying the 'Cardinal Climax' due at the end of this month?

Hi everyone, im new to forex Im 19 years old
I've studied technical analysis for about 6-8 months running a demo account
now i got a live account
I'll say what i think might happen today, Im a newbie so Its possible that what I say will happen isnt right lol
Looking at the 4h chart I see Stoch overbought,
and CCI crossing 100 line
and MACD going negative
so I think we might have a could reach 1.5230 today but just guessing (im a newbie dont forget it)
Well Im just trying to participate
See you everyone
Have profits today I hope to do so

Originally Posted by DonVito12

Hi everyone, im new to forex Im 19 years old
I've studied technical analysis for about 6-8 months running a demo account
now i got a live account
I'll say what i think might happen today, Im a newbie so Its possible that what I say will happen isnt right lol
Looking at the 4h chart I see Stoch overbought,
and CCI crossing 100 line
and MACD going negative
so I think we might have a could reach 1.5230 today but just guessing (im a newbie dont forget it)
Well Im just trying to participate
See you everyone
Have profits today I hope to do so

hi, im also newbie. just about a few months live trading. what i see is GU today base on fundamental like going to short maybe to test 1.5200 or 1.59xx

Originally Posted by straty01

What is it about cable and 1.80? I have seen a lot of 'experts' tipping this price, almost as many that predict 1.35.

Personally I have no clue, it is interesting that cable began its rally in earnest after the G-20 of June 4, when European nations were no longer on board with 'stimulus packages' whilst the idiotic US administration appears determined to print unto oblivion.

That seems to be the kicker right now, just how long it will last is anybody's guess.

Hey Meonia, are you studying the 'Cardinal Climax' due at the end of this month?

Hi Straty, no I hadn't seen that until you mentioned it. Just been reading a bit about it, sounds interesting. One theory is the DOW is doomed at the end of the month. Well, wouldn't surprise me once everyone is back from their holidays and trading begins in earnest. Volume has been low and the DOW kept going up, so go figure...

Originally Posted by meonia

Right, that seems fair enough.

When you say you scalp, how many pips do you generally look for in a scalping trade, and how many scalps would you do in a day, generally speaking?

Thanks,
M

hi dear,
congradulate to u, mrm, mosaic & many others who make
gd pips on this long trade. it was a v gd call (but i missed it).

while nw i m on the short camp & on the down side (haha whts new)
& i still not able to 100% convince the bear is over as most my
technical+fundamental (esp)+delta is on the short side +most ppl
shd b all v bull...(overnite, wow..hmmm).

may i ask yr view on this pair in the near term?
tht will help on my further planning & view & not to b stubborn hehe.

love pe

Originally Posted by Panda Eyes

hi dear,
congradulate to u, mrm, mosaic & many others who make
gd pips on this long trade. it was a v gd call (but i missed it).

while nw i m on the short camp & on the down side (haha whts new)
& i still not able to 100% convince the bear is over as most my
technical+fundamental (esp)+delta is on the short side +most ppl
shd b all v bull...(overnite, wow..hmmm).

may i ask yr view on this pair in the near term?
tht will help on my further planning & view & not to b stubborn hehe.

love pe

Hi Panda. Hopefully you read my post last night. We should be turning somewhere around here, i.e. 1.5290 up to 1.5330 top.

Breaking news!!! A Greek bank has just stopped trading on the Athens stock exchange. Don't know how significant that is yet, but expect it could have reverberations in the Euro and £ as the Greek crisis comes back into focus...

Originally Posted by meonia

Hi Panda. Hopefully you read my post last night. We should be turning somewhere around here, i.e. 1.5290 up to 1.5330 top.

Breaking news!!! A Greek bank has just stopped trading on the Athens stock exchange. Don't know how significant that is yet, but expect it could have reverberations in the Euro and £ as the Greek crisis comes back into focus...

hi babe,
tks. now only read yr post...missed earlier hehe.

yup..greek & others prob not yet solve. then of cos usa also v bad.
but sth cant just change overnite & usd is still the major reserve.
but like mrm guide me..this mkt is all abt speculation.

btw, always can yr posts on 'breaking news'..do u get those fm reuters
or any sites that can share w us?

tks again..love pe

jeepers guys, I may have to relocate to the U.K, everything looks like its simply booming, blue skies ahead, the GBP keeps rising and rising, through 1.53 now, I struggle to see how BOE can raise rates AND the govt enforce austerity measures, something has got to give..

what are your thoughts U.K people?

Originally Posted by meonia

Hi Panda. Hopefully you read my post last night. We should be turning somewhere around here, i.e. 1.5290 up to 1.5330 top.

Breaking news!!! A Greek bank has just stopped trading on the Athens stock exchange. Don't know how significant that is yet, but expect it could have reverberations in the Euro and £ as the Greek crisis comes back into focus...

hi dear
on a 2nd thought of this sudden upmove of gbp...
could be china hving the pressure to devalue yuan & china has been
always talking abt diverifying their basket not in usd but in others...
then eur crisis is still a threat..so end up more prominent is to go for gbp!

this upmove really take my breath away.
i tot most will be bull bull..but as i read thru posts, there r still many
looking at reverse(incl me)...then hmmm....prob...
(despite i love it turn)

any comments any one?

love pe

Well I'm confused, delta top due, fib levels reached but this bad boy does not care about these trinkets.

JP Morgan profit report tonite will possibly only add to the momentum.

Originally Posted by straty01

Well I'm confused, delta top due, fib levels reached but this bad boy does not care about these trinkets.

JP Morgan profit report tonite will possibly only add to the momentum.

Spain apparently had a very good bond auction this morning, so Euro went higher and seems to be dragging the £ up. £ now in my sell region. Euro should stop around 1.28, I hope!

it feels like another one of those 'frothy' cable rallies, this run really has me curious as to where it will go

Its odd that the JPY crosses are not surging if this is a 'risk on' move,

http://www.bloomberg.com/news/currencies/

Originally Posted by straty01

it feels like another one of those 'frothy' cable rallies, this run really has me curious as to where it will go

Its odd that the JPY crosses are not surging if this is a 'risk on' move,

I hear ya, LOL! A bit of a fizz-up before it all dies down and crashes. Well, that's what I'm hoping for.

Markets all seem to be down, and the news appears to be particularly gloomy this morning on Bloomberg. All the talk at the moment is on China and its GDP falling back slightly.

Panda: Bloomberg tv online should be free. Bloomberg - Business & Financial News, Breaking News Headlines and just select TV. Otherwise, I have DOW Jones live service with my broker.