Thread: Discuss the GBP/USD with a DailyFX Analyst

My count.. not EW but technically speaking via TL play is getting bearish on GU..
Weekly clearly suggesting a fall likely.. Weekly also suggesting that GU is in a dull range and desperately requires a breakout.. First chart shows simply a symmetrical wedge where it can surely break any one side for the move to continue...
2nd chart shows an ascending wedge within the bigger symm wedge and hence notching in for a short scenario on GU..
3rd chart is an 8 hrs suggesting that 5970-80 is main area on supp and a break and esp a close lower would cause losses on GU possibly upto around 55XX in days to week to come..
4 hrs is inline with the 8 hrs and suggests 5930 to be the line in the sand and also a confirmation spot for the break under 5970-80.....
My last chart the 2 hrs is a renegade.. the only good hipe for the bulls and suggests a bounce higher on a touch to possibly around 6010 lvl.. It shows an expanding wedge kinda inverse ascending wedge and suggests a hold at 6010 would surely likely to show a decent bounce higher..
Nevertheless charts on cable and will see how the coming week will unfold...
the supp that comes to around 5970-80 on the 8 hrs (the st blue line) has been acting in as a splendid supp for previous moves where by it ends up provoking bounces which leads prices to test or post newer highs.. Can cable do it once more and will it be too much for it this time to be seen......


GL..

Originally Posted by stryker

My count.. not EW but technically speaking via TL play is getting bearish on GU..
Weekly clearly suggesting a fall likely.. Weekly also suggesting that GU is in a dull range and desperately requires a breakout.. First chart shows simply a symmetrical wedge where it can surely break any one side for the move to continue...
2nd chart shows an ascending wedge within the bigger symm wedge and hence notching in for a short scenario on GU..
3rd chart is an 8 hrs suggesting that 5970-80 is main area on supp and a break and esp a close lower would cause losses on GU possibly upto around 55XX in days to week to come..
4 hrs is inline with the 8 hrs and suggests 5930 to be the line in the sand and also a confirmation spot for the break under 5970-80.....
My last chart the 2 hrs is a renegade.. the only good hipe for the bulls and suggests a bounce higher on a touch to possibly around 6010 lvl.. It shows an expanding wedge kinda inverse ascending wedge and suggests a hold at 6010 would surely likely to show a decent bounce higher..
Nevertheless charts on cable and will see how the coming week will unfold...
the supp that comes to around 5970-80 on the 8 hrs (the st blue line) has been acting in as a splendid supp for previous moves where by it ends up provoking bounces which leads prices to test or post newer highs.. Can cable do it once more and will it be too much for it this time to be seen......


GL..

thank you for sharing your view always appreciated.

GBP/USD

GBP/USD is fairly oversold and is in need of a correction before traders are ready to take the price lower. The 1.6185 high is the key level for this bearish trend but I would be very surprised if we reach this far; I am therefore looking for a reversal close to the 1.6125 level.

If we trade all the way up to 1.6125 then it makes it a decent level to consider a short position. Initial stop loss would be placed just above 1.6185 high but would be moved lower as new high has been created. I am looking for a drop to the 1.6025 level for the next 24 hours.

1hr time frame

Originally Posted by lovelyforex

i also holding LONG GBPUSD EURUSD USDJPY GBPJPY AUDUSD.But my short for GBPUSD still holding too

Hello lovelyforex! Looks like hedging is working out for you! I can't do that in the U.S.

Hello Traders! Its time for the Lightning ROUND

In 1 or 2 lines tell us if you are Long, Short or Flat Cable (GBP/USD)

If you want to add a stop, limit, or price, feel free. Chart not necessary!

Let's HAVE Some Fun With THIS and see how many posts we can rack up to get a feel of the real time sentiment!

I am Long Euro 1.2834

Slight upward retracement so far today. I believe gbpusd will still go down to meet my 32 LM low due about May 16. Just shorted at 1.6070.

Short positions continue to be reduced in gbpusd. This would be bearish, so I believe more downside to come.

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 14 - 2012 | DailyFX: Bulls vs Bears on Blip

DailyFX Important Economic Announcements to Watch for the Week of May15 to May 19th

Though there are no US economic data releases today, the Australian monetary minutes come out later this evening that could be a catalyst for further moves below parity for the Aussie Dollar.

Mark these dates on your calendar and be careful of extreme volatility around these important releases.

Go to Economic Calendar | DailyFX Forex Events Calendar | DailyFX for a detailed calendar highlighting all the upcoming announcements. You can even customize it for your time zone and filter the countries you want to highlight.

I am short GBP/USD @ 1.6062 on 5/11/12 and this pair is driving me up the wall. I have been in and out of it for the past 2 weeks. I have been stopped out, whipped out and faked out, to my total frustration, yet here I am still in it. Go figure.

Slim

Originally Posted by Slim

I am short GBP/USD @ 1.6062 on 5/11/12 and this pair is driving me up the wall. I have been in and out of it for the past 2 weeks. I have been stopped out, whipped out and faked out, to my total frustration, yet here I am still in it. Go figure.

Slim

I closed out my short as well as the up and down drama was too much. A lot of heart ache for 20 pips.

DailyFX Speculative Sentiment Index for May 14, 2012

Hello Traders! It's me again. Hope you are making some pips! Price action is fairly slow but you can take a breather before the New York session and see how retail traders are positioned in the Euro this morning using the Speculative Sentiment Index.

For you newcomers, the Speculative Sentiment Index or SSI is a contrarian indicator that shows how FXCM traders are positioned. If more traders are long the Euro than short, then we could expect prices to fall. If more traders are position short than long, then we could expect price to rise.

SSI is released twice daily and can be accessed by Real FXCM trading accounts here: Forex Trading Signals | DailyFX

You can use the same link to register with a demo and gain access as well.

SSI is also updated once a week on the DailyFX homepage:
Forex Sentiment | Forex Technical Analysis | DailyFX

GBP/USD Hitting Resistance- Bears May Get Another Opportunity to Take Pair Lower

Originally Posted by Gregory McLeod

GBP/USD Hitting Resistance- Bears May Get Another Opportunity to Take Pair Lower

I am looking at the same setup - the question is if one should short now or wait until the EUR/USD reaches 1.29 - Will look at this setup tonight as Asia starts trading. What do you think? I am looking for a drop down to 1.6050.

Originally Posted by Alejandro Zambrano

I am looking at the same setup - the question is if one should short now or wait until the EUR/USD reaches 1.29 - Will look at this setup tonight as Asia starts trading. What do you think? I am looking for a drop down to 1.6050.

I went ahead and got short, I might have pulled the trigger too early, would not be the first time. However, I think your 1.6050 is a good price target as it was an area of consolidation. Cable got a big head start on the Euro with this run up so it may be the first to start moving down. That's just my two pips!

Are you in anything now?