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Cable looking set now for a retest of 18586 which proved to be resistance on 8/3/04

Cable consolidation support at 18435 seems like a good long stop to me. A break of that should give a good opportunity to get in again at a lower level.

Closed the long cable earlier at 18490.than managed a couple os short scalps.
the cable is finding the 1.85 level a bit of tough nut to crack atm.Lets see what happens.
rgds
zarif

Update Time: Hong Kong 09:00 London 01:00 New York 20:00



FX Analyst - Pro Commentary - March 23rd

GBPUSD

Price: 1.8460
Day View
Resistance: 1.8495 1.8510 1.8530 1.8560

Support: 1.8440 1.8410 1.8380 1.8360



Bias: Higher

Bullish: In fact we saw direct resumption of the move higher and this look positive still. We look for 1.8440 (max downside 1.8410) to hold and look for further tests higher through the 1.8496 high. Watch resistance at 1.8510 - it does have potential to hold but we feel more inclined to a stronger bullish scenario today that could take the Pound higher to 1.8590. However, this level looks strong and should hold.



Bearish: The move higher yesterday provides a more positive note to the Pound and we feel the maximum downside will probably be the 1.8440 area though we should allow for 1.8410. Thus only below 1.8400 would cause us to look for immediate reversal and a decline down to 1.8360 at least which could slow the decline. Further support is at 1.8270.





Week View
Resistance: 1.8510 1.8590 1.8670 1.8720

Support: 1.8270 1.8195 1.8095 1.7905



Further strength seen above the 4-hour Pivot Cloud which keeps the bullish stance intact. Schaff Trend Cycle remained at 100 with FXS-RSI dipping below overbought territory and signalling a possible bearish divergence. With the break of the channel high we must be prepared for further strength with 1.8590 and 1.8670 as key resistance levels.



Bullish: We continue to use the break of the channel high to point to possible further gains and while the channel high remains intact on any retest we look for resumption of the move higher which would be confirmed on a break of 1.8405. However, we must also be aware of a possible messy correction and a break of the key 1.8470-80 area would be needed to confirm the move higher. Once above the next resistance is at 1.85290 and then 1.8670.



Bearish: The top at 1.8403 has held thus far and we may see further choppy dips down to the 1.8195-1.8425 area. However, we do see this as the probable low. Thus only below 1.8190 area and more importantly the downward moving channel high would cause an earlier and more aggressive decline which would then target the 1.8095 and 1.8025 areas en route 1.7820.



Month View
(Updated 22nd February)

Resistance: 1.8875 1.9025 1.9140 1.9305

Support: 1.8520 1.8205 1.8020 1.7820



We were rather disappointed by the break back above 1.8577 but now consider the 1.9140 high seen last week as a probable key peak and look for losses to develop over the coming months. These should break below 1.8520 and 1.8205 en route the 1.7820 corrective low at least.

Morning Hilary:
Just opened a long cable June and am leaving it in the Lap of Gods as am off to a Gann Seminar at stockport.

rgds
zarif

Ps: nice sunny day today -hope it shines on all of us today in our trades.

zarif,

I've been stopped out of my longs from last week on that spike down. Sidelined for now waiting for a fresh low to form. The rising support line to the uptrend is positioned at around 18360, so I'm hoping for a fresh entry closer to that.

I'm also keeping an eye on the EUR/USD cross which isn't so strong as the Cable and which might hold the Cable back from having a good run at the resistance above 18500.

There is speculation that a US corporate has around GBP 300mn to GBP
400mn to buy at each London fix (16:00gmt) over the next five to 10 days, with
the order reportedly M&A-related.

long 184.14

added 184.69.....ooops

am i talking to myself on here,

or is the 'bunny girl' around ?

just warming up for a wee long - around 184 10 would be nice

I'm around Beebs.

That break of the rising support line could start to trigger the long stops and cause a sharp move lower. GDP revision will be important today. Short stop on move over 18538.

Looking to add around 18325ish.

i only went to make a coffee,
and 60pts down !

Just short it Beebs. You know you want to.

:o)

any idea ?
why the 100 pt drop ?
leaky figs i suppose

hilary,....are you busy feeding the rabbit....


hope so, coz just gone LONG

Rabbit, Beebs?? Roll the pastry .... we can make a pie.

:o)

Hi...despite all the charts of different instruments at the top
most seem to be trading Cable...

Is there anyone else trading anything else..

I look at euro/usd...any others?
Lot of action in it this morning

hi david
for me it's just favourite weapon,
but do occasionally trade euro....

trouble is on that one it's quite low in relation to
experts opinion, and has an interest rate cut pending.
my own view is that a 1/4% cut is now priced in, which could put it back to
1.25ish near term. just possible though is 1/2%

as for cable, well pretty certain about 1/4% increase april/may,
which again is largely factored in, but see this at 185-187 over the next few weeks.

japanese is too tricky for me with central bank whims and fancies.

hope that helps, and sure our leader, hrh, will speak to you soon...

It's a question of leverage, foale.

From the high of yesterday to the low today, the Cable has fallen around 240 pips and the has fallen around 180 pips. The has therefore, as you correctly state, fallen more when expressed as a percentage of the cross, but it is common for both crosses to have the same margin requirement which means that the Cable offers the higher leverage for trading.