Thread: Discuss the GBP/USD with a DailyFX Analyst

Cable will move up strongly but briefly to consolidate over 19770. 19854 will likely be broken shortly after, and we are then looking for X to end at least 2.0440, with potentially 2.0720 and the former supertop. This upmove above 19854 should be very powerful. However, I don't expect it to go right up to the supertop as I see a huge downmove from this peak, to be classified as Y.

You don't think it will pullback after London market opens?

Originally Posted by terton

Cable will move up strongly but briefly to consolidate over 19770. 19854 will likely be broken shortly after, and we are then looking for X to end at least 2.0440, with potentially 2.0720 and the former supertop. This upmove above 19854 should be very powerful. However, I don't expect it to go right up to the supertop as I see a huge downmove from this peak, to be classified as Y.

Im curious of how you come to this conclusion?

Don't you think we'll see a retracement before 1.9820?

Aha now i can see the logic...but 1985 will have to be broken from previous resistance around this time last month. For me that point will be a good position to judge what will happen, if indeed it will continue to fib level of 38.2 which was tested twice in April. If it fails to break 1985 i will be short, if it does break i will be long

Entry Point ready for long @ 195 irrespective of break above 2.00

Originally Posted by BH-Eurofighter

1.9698 little SELL order - for Target 2 - at 1.9600
1.9690 adittional SELL order - normal size - for Target 1 - at 1.9640 (because of
possibility to double top

Like I sad. This will happened probbably in monday.
First target HIT

Move Stop losses on 1.9690
Now we are safe and in profit

Originally Posted by BabaAnthony

coming soon........

Has anyone seen a valture die of stavation.Yet very timid bird and feeds on dead carcass



The valture is a patient bird .

Hope you are sattisfy. Minimum 400 pips in few days reserve to become dead carcass

Pound ran into the 100 Day SMA and comments from BoE MPC member Andrew Sentance "Businesses and consumers are feeling the squeeze from higher fuel and food prices, while the difficulties in the banking system and a weakening housing market are adding to economic uncertainties. These factors should lead to much slower economic growth and a weaker labour market over the next year or so-- helping to offset the upward pressure we are seeing on inflation from rising energy and food prices". This has significantly lower the chances of a rate hike and may weigh the pair to test Bollinger band resistance at 1.9447

Originally Posted by BH-Eurofighter

Move Stop losses on 1.9690
Now we are safe and in profit

Move stopp loss for Target 2 on 1.9670
Move target 2 on 1.9500

Originally Posted by BH-Eurofighter

1.9698 little SELL order - for Target 2 - at 1.9600
1.9690 adittional SELL order - normal size - for Target 1 - at 1.9640 (because of
possibility to double top

Second target HIT. Who wants take profit from target"
also.
We make cca 400 pips in 5 working days.

just small LONG for retest 1.9700 level extending 1.9800

lovely, have you closed your all short positions?
Thanks

BH-Eurofighter- I've been following your posts for the past week or so and I just wanted to say very good job

hi guys.. nice to know you all..

im new to this forum...

but im not new to forex.
my forex experience is about 4 -5 years

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i think this is a great forum to discuss currency..there is so many experts in here : )

From a longer-term perspective, GBPUSD is doing nothing but consolidating. However, from a shorter-term view, the pair bounced from trendline and fibonacci support this morning. While there's a good amount of resistance around 1.9650/60, I think we'll see GBP/USD hold above noted support overnight.