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Cable continues uptrend

al_dcdemo Posted 11 May  in #Trader's blog #GBP/USD #Cable #Weekly Resistance 1 #200 Dma #Daily Resistance 2 #UK Election
Cable is continuing its post-election (and pre-election) rally and has just broken above February high and 38.2% retracement of the July 2014 to April 2015 decline. Looking at momentum on any timeframe, it'd be difficult to say that this is the top.
Next layer of resistance is seen in 1.5600 - 1.5610 band (1.56 level, Daily Resistance 2, Weekly resistance 1) before 200 DMA just below 1.5650.
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Cable ends up higher after UK election and NFP

al_dcdemo Posted 8 May  in #Trader's blog #Nfp #GBP/USD #Cable #Gap #UK Election #Exit Polls
Cable gapped up when UK election exit polls were released at 21:00 GMT yesterday, the hour which marks the start of the new (US session close based) daily candle. The pullback was quickly bought and the pair continued higher overnight as results were trickling in and confirming exit polls. It was unable to decisively break above 1.55 and subsequently sold off to 1.54 before NFP report.
The most important and watched US economic report was mixed but solid:
Non-Farm Employment Change: 223K vs. 224…
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EURo pulled back

al_dcdemo Posted 7 May  in #Trader's blog #Nfp #Euro #EUR/USD #Daily Support 1 #100 Dma #UK Election #Previous Week High #Unemployment Claims
After a couple of attempts to break above strong 1.1380 - 1.1400 resistance, Euro turned south and retraced about 150 pips, breaking 1.13 level and Previous Week High (1.1290) in the process. It stalled between 100 DMA (1.1250) and Daily Support 1 (1.1225) before stabilizing.
Another encouraging Unemployment Claims reading (265K vs. 277K expected, 262K previous) helped to ease Dollar bulls' concerns over tomorrow's NFP.
The focus will now shift to UK election and Cable, with the results of first…
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Cable gives back gains

al_dcdemo Updated 1 May  in #Trader's blog #GBP/USD #Cable #Rally #Short Squeeze #Shooting Star #Manufacturing Pmi #UK Election
It turned out that a rally in Cable in the beginning of the week was just a massive short squeeze as the pair turned lower yesterday and continued today after much weaker than expected Manufacturing PMI.
It posted long shooting star on the weekly chart, which implies further losses in the week ahead. That scenario is now strongly supported by weaker fundamentals and UK election to come next week is not helping it either.
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3 Comments
Nihad avatar
Nihad 3 May

Nice post, but beware this week of the Sterling, the next will be a jump over the creed. The Springboard is working fine in bracketing, but I think its the last bottom spring touch. This negative sentiment on the Sterling is a diversion to wait and see the election result next Thursday. And suddenly, everything in the UK will be positive and you will just notice it at the 1.56 level.

Nihad avatar
Nihad 3 May

To sum it up, SHORTING the cable for a revisit to the 1.45 is a huge loss, the same way people I know shorted the EURO @ the 1.08 for a revisit to the 1.04, as the so-called Analysts were advertising the idea of the 1.00 figure, what happened since then, while people got distracted it boomed to the 1.12, a gain of 80 points(800 pips). Now, you will think many times before going Long again on it at this level. QE was the reason for the Euro and the Yen, but what was it for the Sterling?. Take a look at the Cable two weeks before Scottish Independence and see where was the Cable.

al_dcdemo avatar
al_dcdemo 4 May

I'm bullish Cable, especially if US data continues to disappoint, but I think it will retest 1.50 and perhaps run stops below it, before continuing higher.

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