Thread: Discuss the GBP/USD with a DailyFX Analyst

Originally Posted by djindyfx

Q8.. So did GB / Cad pull back below the 2.0000 Level? I have been waiting for a long in that one but not until it corrected again.

Low was 2.0329 and high was 2.06 crazy pair, shorted 2.0545 not thinking it would move much just ease what did I know, 2 big figures downside scary good thing I was on the right side.

Originally Posted by Q8FXjunkie

Low was 2.0329 and high was 2.06 crazy pair, shorted 2.0545 not thinking it would move much just ease what did I know, 2 big figures downside scary good thing I was on the right side.

Yea... That Pair will take you for a Ride alright.. You should look at GB/NZ and GB/AU... They will take you for a ride as well. I think that they are harder to trade than GB/JP. but hey.. I like a good challenge to get some Quick fast pips every now and then. . The money management system I use has me setting my stops at +300 pips and more for a long term run in those pairs. That is just a little to wide for me right now. 4 or 5 losses like that will start to drain your account. I watch them and wait for just the right time to get some quick big pips out of them. Most of the time they end up taking my money..

Kathy just brought this story to my attention. Apparently, Nationwide has announced it wants to be less competitive and will turn away business by raising its rates by half a percent. While I know that market rates have really raised rates already, is it necessary for the largest mortgage lender in the UK to take this kind of step? With credit markets nearly frozen and UK consumers already having to deal with a faltering housing market, rising living costs and a forecasted slowdown in domestic growth you'd think they wouldn't actively contribute to the problem (especially because they can see how bad it can get with the US as an example).

Yet another reminder of why the pound shouldn't rally uninhibited against the dollar like the euro, australian dollar and franc can.

Originally Posted by John Kicklighter

While I know that market rates have really raised rates already, is it necessary for the largest mortgage lender in the UK to take this kind of step?

I just think they and others are taking this opportunity to draw their horns in and reassess their strategies. There is a lot of buy-to-let out there in the system which is causing concern. Prices are coming down but I don't see any US style panic yet. I notice that a lot of 'mature' householders are improving and extending their existing properties rather than moving up the ladder.

The big problem is that for most first time buyers even 2 bed flats are out of reach. So the buy-to-letters are the ones really under pressure if they want to sell up. Maybe they need to take a bath to kickstart the market.

Short at 1.9988 Looking for 1.9850

Originally Posted by djindyfx

Short at 1.9988 Looking for 1.9850

yes your right, presser is down i like to add some more, break of 1.9885/80 give the way toward T1: 1.9750/20 or 1.9665 (T2: 1.9550/480) see carefully 800 and 700 (rule of S/R apply)

Originally Posted by St_Fx

Hi all,
smashing move, market may suggest bul against 1.9940/11 conformation required(2.0020/67). sell below 1.9940 Stop should be on break even.( any one have differ idea, share with us thanks)

Again these pionts that i mention two day before look significant, plus 1.9995/75

Originally Posted by djindyfx

Short at 1.9988 Looking for 1.9850

So lets see if 2.0032 holds as our new resistance point; now that it has broke below it. Things are still turning down.. I wonder if we are going to see a break out of this sideways triangle on Monday Eur open?

Side note: Now I'm just waiting or Eu/Us to break south as well.

OK.. I know that this is a large chart... Daily Possible Break out points.

Originally Posted by djindyfx

OK.. I know that this is a large chart... Daily Possible Break out points.

nice work dj fx, always big picture must keep in mind.

Originally Posted by St_Fx

nice work dj fx, always big picture must keep in mind.

Thanks.. It helps sooth my mind when initial entry goes against me (which is usually does) that I am in the correct direction of the trade and to just hold on for the Ride!

Hi all

long should exit

head and shoulder confirmed
back downward
enter short at 1.9950
Tp1 : 1.9860 (support line and rf 76.4)
Tp2 : 1.9770

we need to break 1.9920 (rf 61.8%) to get this confirmed -downside

Originally Posted by djindyfx

Short at 1.9988 Looking for 1.9850

Out for 3 pips on the retrace.. Lets see if we get a bounce of about 2.00xx and get a new short going.

Hi,

Is it possible it go up to 2.0084 first before we can go for short? Or how we can get to know the approx. max. long value before it go down?
Just curious...

hi well for me in 1H chart, 2 inverted hammers (abandoned baby formation)..so further long ...so yes i agree possible to reach 0084 before any retrace..im watching closely around levels you speak of

hope that helps