View Poll Results: What impact will the Bank of England Rate Decision have on the GBP/USD?
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08-18-2008, 01:55 AM #5026
1. Many managers were on vacation.
2. Volumes were thin.
3. EUR/USD and GBP/USD were down too "far" and too "fast", leaving many without on board.
Don't know the patterns of the move. The following chart shows one possibility.
Last edited by y_2008; 08-18-2008 at 07:24 AM.
08-18-2008, 03:40 AM #5027
looking to go long
putting an order in to buy cable 1.8600 t/p 1.89 s/l 1.8490
08-18-2008, 05:06 AM #5028
To Cmellon, JohnG FX and all you regular contributors, Thanks from the bottom of my heart for the info you have posted here. I have been caught with my pants down in this pair and though I managed to take a short position earlier on, I'm still in losing mode. Rebounding back to at least 1.9000 will make it easier to sleep. Thanks again for your indepth study and willingness to share your info. Thanks
08-18-2008, 07:20 AM #5029
rumour had it we were 'due' a retracment today - so far it doesn't look that way,
08-18-2008, 08:29 AM #5030
If the idea of retracement is 200 - 400 pips movement up for a quick profit and cash, then we may not have any retracement as you say.
Originally Posted by roadie
But if the idea of retracement is higher low and higher high each day, with the lowest point last Friday not broken lower, then yeah, we are going to have retracement.
Welcoming anyone to short this pair to speed up the short covering rally
08-18-2008, 09:53 AM #5031
Nothing to get too excited about today so far. Still looking to enter long around 1.8600 but dont think market has enough pace today. Will just have to be patient I think.
Time for a few zzzzzz
08-18-2008, 09:59 AM #5032
08-18-2008, 10:08 AM #5033
Watch for range trading today.. Watching for Break of .8650... 3 lower levels for Take Profit Targets..
.8624 / .8598 / .8571.
There is really only 1 to 2 Levels. for Longs right now.
.8692 / .8721
Last edited by djindyfx; 01-09-2009 at 04:07 PM.
08-18-2008, 12:39 PM #5034
While GBPUSD hasn't been too active this morning, I still think we are setting up for something more substantial in the near future.
After such a steady decline from the pair over the past month, it was inevitable that we have some congestion for shorts to take profit and long- and medium-term traders reassess their positions.
It would be very dangerous to fight the clear bull trend on the higher time frames, but a short-term pop looks like a considerable probability given the consistency of price action recently.
John Kicklighter is the author of Dynamic Carry Trade Basket, Watch What The Fed Watches, and Forex Trading Weekly Forecast on DailyFX.com
08-18-2008, 02:31 PM #5035
Time to Buy???
I'm planning to buy @1,8625/00 for 1,8800 and 1,9000.
Stop below 1,8570 and reverse for 1,8000.
What do you think about ?
08-18-2008, 02:46 PM #5036
I don't know if the bull trend is going to continue.. This drop may be what breaks it for the £. The bulls have a long road to hoe to get price action back up to 1.9336.. Then we have 2.01xx and 2.03xx to get through .. 1.93xx could be a hefty resistance point to make..
Just my 2¢..
08-18-2008, 03:06 PM #5037
closed all shorts @ 8640
Originally Posted by FX Newb
going long now..lets see if we get the big moves tommorow
08-18-2008, 03:27 PM #5038
Originally Posted by FX Newb
Left my buy order on at 1.8605 overnight. It may prove a little low but will look at it again tomorrow morning and decide what to do.
I've seen more action in a nit nurses glove!
08-18-2008, 04:02 PM #5039
08-18-2008, 04:04 PM #5040
Originally Posted by teckybloke
yeah...the calm before the storm? lol
hopefully tommorow will be more productive...still made my daily target but was hard staying awake...could have been the hangover though ..
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