Thread: Discuss the GBP/USD with a DailyFX Analyst

I have a sell order at 1.6200 looking for 1.6000 to clear out stops, and only then will we see 1.63+

lets see who's right..

Still heading towards my retracement target of 1.6050.......

GBP

As expected - yesterday's movement at the BoE interest meeting was unwarranted and price is now again trading close to 1.61. The trend remains bearish and as long as price trades under the 1.62 high traders will be more interested to sell than to buy Pound Sterling. To maintain a good relationship between risk and potential reward we would need to see price reach 1.6150 or get a breakout under 1.61 to sell. We should always look to make about 1-2 times the risk that we are taking. Our risk is the entry - stop loss.

1hr time frame
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Originally Posted by Gnarly

Gregory, remember how we where talking about the 100/200 sma earlier on GBP/USD?? It has now rejectedd both / RSI<50 / MACD crossover / overbought stochastic

I gotta tell you, I´m liking a short here, small one, half position, to see how it plays out

Good call for a nice range trade. But this pair is still trapped. If you zoom out there is a weekly spinning top

Still short ?

Originally Posted by MOZI32

Still short ?

timewise - today is the last day we can make a new low and surge higher (ITD1 due today). Anything lower next week most likley confirms 1.63 as a top.

IF we make a new low next week (I think we will (as long as 1.6196 stays intact)) ITD2 top is due on monday the 21st - it should be early or on time.

edit: actually wednesday the 16th looks really good for a bottoming day - claimant count change, then inflation report and M. King`s speach - then zigazg up. - targets - 1.6 flat weekly kumo top, 1.58 for obious reasons

Partyk

Charts from today's edition of the webinar Bulls vs. Bears @ The Trading Room 10:30 GMT (11:30 UK time or 06:30 EST Mon - Fri)

Recorded version
Bulls vs Bears - The spread Betting Morning Update May 10 - 2012 | DailyFX: Bulls vs Bears on Blip

Rinse and repeat - GBP/USD about to reach our target once again

Originally Posted by Gregory McLeod

GBP/USD Trapped in Range Between 1.6066 and 1.6177 on a Daily Chart

As long as cable stays confined in this 91 pip range, its a coin flip to trade unless one trades the range.

Setting alarms using the DailyFX mobile application to alert you when GBP/USD trades near these levels can unshackle you from your computer and monitor.

Good morning Traders! I got the text message sent to my phone to short GBP/USD as it broke below support at 1.0666 from my DailyFX Mobile alert.

I think I am going to go through the charts and set up a few more!

SSI: GBPUSD Ratio Flips As Pair Carves Higher Low Around 1.6100

Getting a bounce on the better than expected US data - as risk appetite increases - I think it will be very hard to push above 1.6140 so traders will probably go short on this bounce.

In a situation like this when EUR/USD and AUD/USD is pushing higher is good to wait with GBP/USD shorts until the end of the London session or until we see that the other currency pairs reaching Resistance.

Anyone trading today?

Originally Posted by Alejandro Zambrano

In a situation like this when EUR/USD and AUD/USD is pushing higher is good to wait with GBP/USD shorts until the end of the London session or until we see that the other currency pairs reaching Resistance.

Anyone trading today?

I am looking to short gbpusd on a retrace of this last down move. Probably won't happen till next week.

London session review and outlook May 10 - 2012
Review of markets covered in today's edition of Bulls vs. Bears: EUR/USD, GBP/USD, AUD/USD, FTSE100, S&P500, Gold, Brent Crude and WTI.




Regards

Alejandro Zambrano
Currency Strategist | DailyFX Forum (London)
azambrano@fxcm.com

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GBP/USD Rolling Over-- Anybody holding positions over the weekend?

Originally Posted by Gregory McLeod

GBP/USD Rolling Over-- Anybody holding positions over the weekend?

Yes - I do have a short till appr. wednesday

there are stops below 1.6060 - I wonder if they are popped today

Patryk