I'm SHORT cable from 1.2632 for the following reasons: a). On H1 price has been rejected by the 100 EMA b). THe 100 EMA coincides with the WPP mid pivot which has acted as stern resistance c). RSI has been decling for several hours d). MACD sees the fast MA crossed down over the slow e). Pivot Point SuperTrend is reading SELL on 15M f). Andean Oscillator sees the red SELL line crossed over both the green BUY line and the signal line. g). Andean Oscillator sees the green BUY line flat. h). On H1 the 25 and 50 EMA's are together and heading south. All these signs taken together would suggest we are BEARISH for at least the next few hours in the absence of further news. CBI Consumer Confidence missed at 14;00 but this is seldom a huge market mover and any USD BULLISH sentiment seems to be evaporatin> Adding to this analysis is the fact that the EUR/USD is also BEARISH and this also looks a good time to SELL.
i'm watching a potential retrace of the breakout from 1.26300, looking at the 30min timeframe there is a nice breakout!
forextraplaces
⋅
@JoeChampion, Its been a bit of a slow burn this trade. I think traders have one eye on 12:30 tomorrow when we have the Unemployment Claims and Final GDP out of the US. I don't think we'll see price headed anywhere now until tomorows news releases. I still favour a move south but a weak Unemployment number and GBP will fly higher - get your STOPS in !!!
TheFxAce
⋅
Your analysis suggesting a market drop is coming is simple and persuasive.
forextraplaces
⋅
@TheFxAce, Unfortunately, the markets seldom behave with logic. If they did, we'd all be millionaires. It looks like GBP/USD has stalled waiting for direction which will come tomorrow at 12:30 when the Unemployment and CPI numbers are printed out of the US. I still favour a move south but if the numbers miss tomorrow then GBP will fly north.