Thread: Discuss GBP/USD - H2 2012

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Challenger US Job Cuts for July came in at 36,855 down 2.0% vs. June

Originally Posted by mhz888

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-Kevin

I understand - the S1 levels that I am talking about are the from the piviot point indicator - please read about them here Using Pivot Points In Forex Trading

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BTW I am flat

GBP/USD is trying to make a run for the 1.56 level - we could reach 1.5625 but from there and higher I see limited gains - as I think we need to trade to the 1. 5530 low before a real up trend can be established.

Originally Posted by Alejandro Zambrano

GBP/USD is trying to make a run for the 1.56 level - we could reach 1.5625 but from there and higher I see limited gains - as I think we need to trade to the 1. 5530 low before a real up trend can be established.

Alejandro,

Dont understand your logic about the need to go back to 1.553 low before up trend can be established.

Can you expand why?

Double bottom?

US Weekly Jobless Claims Rise 8,000 to 365,000 wk ending 7/28

Originally Posted by root-minus

got pending sell 1.56749

img upload

Originally Posted by root-minus

got pending sell 1.56749

that was an accurate sell order yesterday in this random game

Originally Posted by JakeBenjamin

Alejandro,

Dont understand your logic about the need to go back to 1.553 low before up trend can be established.

Can you expand why?

Double bottom?

Yes - we usually need something like doubble bottom or a false breakout to the downside before big players start to buy - the reaction we got today was just profit taking and covering of shorts by traders that just entered the market. Whatever happens is less important, the key is the time aspect - if you had a strong down trend for a few days then you can't expect price to switch bias over a morning - unless we get something crucial like today's ECB meeting.

Try to observer the relationship between how strong the trend is and how long time it takes before it reverses

Originally Posted by citytrader46

Close out the GBPv$ short at 15540 ahead of Asian session dont want to be greedy and it may bounce in Asia or in early London trade look to sell again tomorrow ahead of BOE if it has bounced. No QE3 today and I dont think Dragi has a rabbit in his hat either what do you guys think?
This market still looks rangebound to me between 15500 and 15725 give or take the odd spike

Hello Citytrader what are you up to today?

Originally Posted by anne.pogachar

Hi
Manufacturing PMI made big impact on GBP/USD today. Did anyone capture that movement?

Originally Posted by markie6

Does make you wonder whether any news that supports cable could push it to 1.58

the bad news doesn't seem to have the effect I expect it to

I have closed my cable longs from 1.54 when we snagged the 200 sma , but I didn't want to dive right back ( seemed risky with all the soundbites the CB's were coming out with)

Originally Posted by canam980

I tried to capture it....as we had the worst numbers for a long time...however the price didn't retrace much at 15660...so I stayed out. The move was more than 60 pips altogether within 4 minutes!

Hello What a freaky day! I hope you did not got into too much trouble. What is your outlook for the GBP? Comparing the GBP vs the USD and some crosses it does not look that weak as we have seen the last few days.

Hey Alejandro! I sent you a reply in Euro forum I'm waiting to see if Draghi pulls the rabbit out of his hat and he didnt! Great news great ride down! And like I said it seems like your still buying the drinks tonight lol! What pub is that lol?
I just closed my Euro positions and now I'm hearing Draghi state it's pointless to go short the Euro? Is this guy for real?
As for the pound I bought at 15560 and got out at 15590 was watching Draghi after that
Where now my friend? What's your thoughts? I'm out of all positions don't want to be greedy it has bitten me before lol
Further down?

June US Factory Orders fall from 0.5% in May to -0.5% in June

Originally Posted by citytrader46

Hey Alejandro! I sent you a reply in Euro forum I'm waiting to see if Draghi pulls the rabbit out of his hat and he didnt! Great news great ride down! And like I said it seems like your still buying the drinks tonight lol! What pub is that lol?
I just closed my Euro positions and now I'm hearing Draghi state it's pointless to go short the Euro? Is this guy for real?
As for the pound I bought at 15560 and got out at 15590 was watching Draghi after that
Where now my friend? What's your thoughts? I'm out of all positions don't want to be greedy it has bitten me before lol
Further down?

hahaha yes crazy move. I am still short but the AUD/USD - I want to keep this position until we reach the 1.04 level - but this will probably not happen today - so no drinks for me just yet (at least not with the trading money )

GBPUSD is hard to trade right now - I don't really see any opportunity as we are too close to the 1.5450 low. I am trying to flip trough the Crosses - EUR/GBP looks interesting for bullish scalp - what do you say?