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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 3054
Forum Topic:

GBP

Discuss GBP
 
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Ashraf Laidi
London, UK
Posts: 0
13 years ago
Jan 12, 2011 23:57
BIG GBPUSD MOVE. crushing my much talked-about resistance of 1.5630

$1.5750s appear to face intermittent selling for $1.57 objective. The 1.5750 coincides with the 100-day MA which proved more successful in triggering turnarounds than 200-day MAs.

This GBP strength is likely to extend further against EUR and AUD, with 0.8150 and GBPAUD also appears to be a positive play based on Aussie's flood damage, the RBA's expected reluctance to tighten further and the stickiness of UK inflation shutting the door to any QE3 this year. GBPAUD eyes interim targets at 1.5990. Gold may extend gains towards $1400, but shorts see more downside at those levels with preliminary target at 1355, followed by 1310. - Jan 12 12:44

Ashraf
DaveO
UK
Posted Anonymously
13 years ago
Jan 12, 2011 20:13
Your 1.63 would be an impulsive move indeed ! If we get through 1.5820 ish we still would have to get through 1.5930ish important potential resistance to even think about 1.63.
Shane
Pakistan
Posted Anonymously
13 years ago
Jan 12, 2011 18:40
No Dave i am saying just the opposite doesnt seem to be an impulsive move and if it crosses 1.58 i think we will see 1.63 if not higher. 200 pips arent a big deal but GBP just broke a few major levels and that does matter.
DaveO
UK
Posted Anonymously
13 years ago
Jan 12, 2011 18:37
yep and me. The 50% cluster will be interesting or at a stretch another cluster at the 61.8% level could play.
catnip
Frankfurt, Germany
Posted Anonymously
13 years ago
Jan 12, 2011 18:32
USDx break 80.25 if no trend reversal EURUSD and cable will go higher ... but I bet on reversal
DaveO
N.Cornwall, UK
Posts: 5733
13 years ago
Jan 12, 2011 18:23
What exactly is "your opinion" Shane ? You looking for new highs above 1.63 ? You think BOE will hike rates sooner rather than later ? You think move up from 29th Dec low is impulsive pattern ?
Shane
Lahore, Pakistan
Posts: 209
13 years ago
Jan 12, 2011 18:06
I am betting on that one aswell and as long as it stayed below 1.5720 i was pretty much sure about after that i aint very optimistic about a correction in daily charts but GBP is a pingpong so i guess till it stays below 1.58 the corrective stance may be right aswell. Difference of opinion dave isnt this wat forex is all about. I will try a short again at 1.58 thats for sure.
DaveO
N.Cornwall, UK
Posts: 5733
13 years ago
Jan 12, 2011 17:43
This current move up for GU started on the 29th Dec
catnip
Frankfurt, Germany
Posted Anonymously
13 years ago
Jan 12, 2011 17:40
GBP profits from EFSF extension don't think from supposed rate hike. But rate hike is possible
if UK banks are free from PIIGS bonds trouble. Of course for cable weakening USDx is main driver. However 80.4 to 80.5 should be a buy for USDx. Thus I still wait a bit because all risk indicators are extremely low.
DaveO
N.Cornwall, UK
Posts: 5733
13 years ago
Jan 12, 2011 17:34
"respond to rumours" --- exactly ! But also the patterns play out time and again. Don't ever expect price to travel one direction. Shane, I think you and I are cross wired on this.
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