Thread: Discuss the GBP/USD with a DailyFX Analyst

Originally Posted by Black.day

These levels look interesting to trade. Hourlies are O/S on my chart so I'm cautious of a possible rebound towards .9850-ish.

Hi Blackday
Where you drawing these trendlines from? Sorry may sound like a silly question.
There also seems to be divergence on the hourlies, where price making lower low but RSI doesnt. This should suggest a bounce back up.
M$M

EDIT:
ok sorry you posted the daily chart while i was asking.
Cheers

Originally Posted by Million$Man

Hi Blackday
Where you drawing these trendlines from? Sorry may sound like a silly question.
There also seems to be divergence on the hourlies, where price making lower low but RSI doesnt. This should suggest a bounce back up.
M$M

EDIT:
ok sorry you posted the daily chart while i was asking.
Cheers

No problem. As soon as I posted it I was aware that the t'lines seem to appear from out of nowhere and so not very helpful.

I've RSI slightly O/S but definately as you say, diverging from price action although momentum readings are -ve and have been since yesterday afternoon GMT. There were several reasons for my jumping out of the short trade, not least the fact that I'd taken the bait from yesterday's t'line break only to watch it bounce out and head higher yet still managed to fade the move to 2 but the most compelling being probable t'line support which aligned nicely with the 2% NDC band just before today's retail sales figure.

Originally Posted by arodriguez

yup... between 9820-50... I have same fibos. a closed price below 1.9750 is needed to add momentum in a bearish scenario. my outlook is still bearish.

A.

Just below those levels is 9690 which is quite likely to give support. Certainly a failure there would look bearish for me.

So.. Daily chart is playing out nicely.. Cable is retracing toward the lower support line again. I'm watching for a bounce off of this to make a new high just above 2.xxxx again. Looks like this may happen next week. Cable needs to find support today and tomorrow at .9750. for a retest of that upper trend line. Once the lower resistance line is broken we have to get past .94xx / .93xx. After this.. We have .92xx and then open to .88xx

This pair is just so choppy right now.. course.. it wouldn't be cable if it were not choppy.

Nice chart there dj. I'm thinking roughly the same, a possible long off the t'line and back into the chunky 200-250 pip range. Also the possibility of a short arourd .9870 or .9944 with SL above the recent high.

Big move in the offing again!

Got the fill at .9690 SL tight at 9660

Another bounce off .9690 Sl stays as is.

Bolli's getting a good ol' squeeze and more interestingly is momentum divergence. Next move upwards?

Out here at 9724 after failure to take out this afternoons spike up.

To everyone trading the GBPUSD pairs:

HI all!

I am relatively new to forex and heard a friend talking about a trading system for the GBPUSD. The S/L is 80 pips and the T/P is 260 pips. I was wondering if this sounds familiar to anyone in the room?

If anyone has any good trading systems to try out i would love some advice also?

Many thanks

Zane

Attachment 13904

Originally Posted by Black.day

Out here at 9724 after failure to take out this afternoons spike up.

Just for Giggles Black day.. This one is for you.. So.. Going Retro to End of 2001 / Begining of 2002 We have a start of a rising trend line. We have a test of it in '05 / '06.. Just to give myself some hope on just how much down side there is to GB right now.. That long term line is at about 1.9xx. Next support will come around 1.85xx & 1.8xxx. After that we have 1.75xx to 1.7xxxx.. Below that (which I don't think we will see happen unless a Nuclear bomb is dropped on a country somewhere) is 1.55xx ish? Please bear in mind that his is a squeezed daily chart. Big Bear run on GB soon?

Nice 1 Picasso. I'm going to print that out and frame it

Meantime, Cable's holding up well this AM esp. given the strength seen in the Swissy - I'm surprised but perhaps the GDP has sometime to do with it?

Back down towards the previous low and looking to break .7875?

Well as it seems Cable opened up a big can of wip ass, on everything.