GBPUSD Discussion Only

[FXGenius]

Originally Posted by MickMason

Are you getting 1.83 from a technical level on the weekly or ?

As discussed earlier, there are various supports in the way (61.8, 76.4) and finally 8300. It may reverse from any support above, but looking to the long term reversal pattern it formed above (9000) and the momentum of prior move, I am comfortable to take 8300 as a reasonable target.

Don't know the fundamentals behind, all tech stuff.

8300 is one of the major trendlines on my long term chart.

[kramnave]

COT data has specs net long, big mac index shows the cable being overvalued, U.K is facing high inflation and an interest rate decision will be sometime away. On the daily charts there is a double top, failed to break the neck line today. Overall bearish for the short term guys ?

[FXGenius]

Originally Posted by kramnave

COT data has specs net long, big mac index shows the cable being overvalued, U.K is facing high inflation and an interest rate decision will be sometime away. On the daily charts there is a double top, failed to break the neck line today. Overall bearish for the short term guys ?

Hi, welcome and thanks for sharing the info.

[kramnave]

No worries, just trying to practice what i read on combining technicals and fundamentals. Quite a good book, targeted at currency practitioners though. Which in a way is much better than overhyped books i read claims is for everyone but novice-friendly and nothing more than a superficial read.

If anyone is interested in an interesting read, nothing too technical (no overload of formulaes), you can go to www.bookshub.org and download

A Practitioner's Guide to Currency Trading, Hedging and Forecasting Ebook-FLY by Callum Henderson.

If you haven't read that before that is.

Cheers.

[jodyong]

Double top in daily charts, anybody saw that? Prices retesting neckline and might turn down to finish the pattern. I might go short once it breaks my daily pivot and fib line.

[jodyong]

Chart of double top

[astro]

Originally Posted by jodyong

Double top in daily charts, anybody saw that? Prices retesting neckline and might turn down to finish the pattern. I might go short once it breaks my daily pivot and fib line.

Hi,
You could have read my post #44 on the previous page (6) and see my guess regarding the pull back up, which turned out to be true. I was actually long but the US Trade Balance data spiked me out!
Bummer.
I don't have any ideas regarding today's possible price action (anyone?) but it seems like the swissy is hiking pretty nice.

Astro

EDIT: actually, cable is forming a triangle since yest noon. This type of triangle is bearish in nature, so we might expect the continuation of the main downtrend to resume today, should the triangle break to the downside.

[jodyong]

I'm short USD/CHF now, looks like it's reached the peak of it's range. Let's see how this trade works out.

Regarding the double top for cable, the pullback is called, retesting the neckline, I think the pair might drop down again to complete the pattern.