Thread: Discuss the GBP/USD with a DailyFX Analyst

GBP/USD is still trading in an overall bullish trend where 1.6150 is the level which defines this bullish trend. In the very short term price is trying to carve out a low in the 1.62-1.6150 area.

Bullish news this morning showing that UK PMI Construction for April comes in at 55.8 vs. 54 expected is supporting the bullish trend.

Given that we trade above 1.6150 it would not surprise me if we reach 1.63 - a breakdown under 1.6150 will cause price to decline to 1.61.

1hr time frame


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Originally Posted by Alejandro Zambrano

Thank you for sharing. For next time please remember that the forum admin prefers if you put the actual information on the forum and not a link.

As you wish Alejandro, but do you really think it will make finding this website that much difficult? It is as easy as copy&paste.

Regards

Patryk

Slightly off topic, has anyone noticed that Cable's range has shrunk quite a bit in recent months if not years? It used to be the favourite pair to trade for many because it did good mileage, but in the last year or two Euro has overtaken cable on that spot. Now I look at cable's ADR, for 20 days it's only 93.5 and 5 days a measly 83.5, 52 days ATR is only 103.5. Much fun seems have gone.

Originally Posted by Franosh

Slightly off topic, has anyone noticed that Cable's range has shrunk quite a bit in recent months if not years? It used to be the favourite pair to trade for many because it did good mileage, but in the last year or two Euro has overtaken cable on that spot. Now I look at cable's ADR, for 20 days it's only 93.5 and 5 days a measly 83.5, 52 days ATR is only 103.5. Much fun seems have gone.

There was a time when we used to call cable ...... THE TERMINATOR.......... It indeed has died off since the Greece thingy started off..

GL..

Originally Posted by Franosh

Slightly off topic, has anyone noticed that Cable's range has shrunk quite a bit in recent months if not years? It used to be the favourite pair to trade for many because it did good mileage, but in the last year or two Euro has overtaken cable on that spot. Now I look at cable's ADR, for 20 days it's only 93.5 and 5 days a measly 83.5, 52 days ATR is only 103.5. Much fun seems have gone.

Oh for October to December 2008. 800 pip daily swings.

Good luck , nice ride up and down ?

GBP/USD Rebound May Materialize: Look for Retest of 1.6200

Hello Traders! It is good to be back with you after taking a few days off for a much needed vacation.

I am looking for a news rebound in GBP/USD after a dismal ADP employment number.

Happy Pipping!

Regards,

Greg McLeod
DailyFX Forum Moderator/Trader

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Originally Posted by Gregory McLeod

GBP/USD Rebound May Materialize: Look for Retest of 1.6200

Hello Traders! It is good to be back with you after taking a few days off for a much needed vacation.

I am looking for a news rebound in GBP/USD after a dismal ADP employment number.

Happy Pipping!

Regards,

Greg McLeod
DailyFX Forum Moderator/Trader

Hi Greg. Good to have you back. I posted my entire 32 lunar month Delta solution on the other thread here: http://forexforums.dailyfx.com/tradi...ml#post1132577 (GBP/USD Delta Phenomenon trading thread)

Got some movement over the past several days down to my #6 low due about May 5. I believe next week will be a great long opportunity to the next high which is due about May 11. Got 80 pips on a short trade this week. Will wait for next week now. Still many retail traders are short gbpusd.

The move down really struggled. The current low is at a schiff fork (green) ML, also doubled channel bottom. On daily there is potential for a FIB target to 16386-6419.

Originally Posted by Howdyy

Hi Greg. Good to have you back. I posted my entire 32 lunar month Delta solution on the other thread here: http://forexforums.dailyfx.com/tradi...ml#post1132577 (GBP/USD Delta Phenomenon trading thread)

Got some movement over the past several days down to my #6 low due about May 5. I believe next week will be a great long opportunity to the next high which is due about May 11. Got 80 pips on a short trade this week. Will what for next week now. Still many retail traders are short gbpusd.

Great calls on the GBP/USD, Howdyy!! Thanks for posting the lunar month chart. I cut and pasted that on my desktop over while I was on vacation!

Originally Posted by Gregory McLeod

GBP/USD Rebound May Materialize: Look for Retest of 1.6200

Hello Traders! It is good to be back with you after taking a few days off for a much needed vacation.

I am looking for a news rebound in GBP/USD after a dismal ADP employment number.

Happy Pipping!

Regards,

Greg McLeod
DailyFX Forum Moderator/Trader

GBP/USD Hit Short-Term Target of 1.6200

Hello Traders,

Look for another push higher into the 1.6285 before deeper correction lower.

SSI supports rise in GBP/USD:

GBPUSD - The ratio of long to short positions in the GBPUSD stands at -3.71 as nearly 79% of traders are short. Yesterday, the ratio was at -4.32 as 81% of open positions were short. In detail, long positions are 5.2% higher than yesterday and 41.5% stronger since last week. Short positions are 9.5% lower than yesterday and 13.2% weaker since last week. Open interest is 6.8% weaker than yesterday and 15.1% above its monthly average. The SSI is a contrarian indicator and signals more GBPUSD gains

Hi Gregory,

I aggree with you that in the short term cable is going to move up a little, but given the levels we are playing within and price action itself from the past couple of days, a move lower to the previous 2012 high is imminent.

Then again I could be wrong

Originally Posted by Gnarly

Hi Gregory,

I aggree with you that in the short term cable is going to move up a little, but given the levels we are playing within and price action itself from the past couple of days, a move lower to the previous 2012 high is imminent.

Then again I could be wrong

Hey Gnarly! Good to hear from you! How do you use the Tick Volume data at the bottom of your charts?

Originally Posted by Gregory McLeod

Hey Gnarly! Good to hear from you! How do you use the Tick Volume data at the bottom of your charts?

I use it as volume indicator. When I say volume I mean market activity as it is impossible to know contract sizes.

I also use it to determine the end of a trend (sudden drop in volume) and a reversal (divergence)

This is not the only indicator on my chart, I also use the macd and slow stochastic