GBP/USD Looking very good

We haven't posted on ET for a while as we couldn't take the bashing. But since baron and ET will be at the Traders expo and that Global FX will be there as well we will start to make postings again so traders will understand who and what we are before seeing us at the Expo

We will not be spamming our programs, all postings will be in the context of the FX market.

From a technical perspective GBP/USD or "Cable" assuming it closes at the current level 1.8694 will be forming a very nice bottom. If it can close above yesterday's high of 1.8748 it would constitute an "outside" day...very bullish. A close above 1.8653 would be above the 50% fib retracement.

In addition our other indicators we use, such as the 10 crossing the 20 exponential MA have crossed on the hourly and is looking quite bullish. EUR/GBP also looks quite bearish.

the economic data last night were very hawkish as well as inflation and housing data were both much stronger than expected.

Target over the next week or so should see 1.9000 but alot depends on tomorrows CPI report as to the pace of rate hikes by the FED. Tomorrow is key to the general direction of the USD.

Looking forward to seeing you folks at the Expo...feel free to come by our Booth to talk trading. Andrew will be making a presentation as well at 2:45pm on Sunday.

www.globalfxllc.com

 

I agree, i'm bullish on sterling but i'm going to wait for confirmation of a break above the 200 sma at 1.8750 on the hourly before I would feel comfortable saying it will move back to 1.9000 Tomorrow's data will be a closely watched but I still expect range bound trading to continue in the short term.

 

1.8750 is a big spot as it would take out previous days highs.

 

This may be too long term for some of you, but it would be interesting if it will take out the 2.0100 high hammered out in 1992

 

Now that would be interesting. if it ever took out last years highs it should easily go for 2.0300

 

i think 2.000 is a major psychological resistance level and I would be very surprised to see cable make that strong of a move given current market conditions. If something happens that causes a rapid USD decline across the board then I can see a test of the 2.000 handle otherwise I think 1.9550 may be the top for a while

 

seems to be coming in some

this market is something huh ?

maybe there is support here at 186.32/37 ?

 

there IS a god!!!!!!!!!

 

Still buying the pullbacks in cable. support level at 1.8750 area...yesterdays high.

 

So how to proceed now?