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View Poll Results: What impact will the Bank of England Rate Decision have on the GBP/USD?

Voters
14. This poll is closed
  • Send GBP/USD Higher!

    8 57.14%
  • Send GBP/USD Lower!

    4 28.57%
  • The rate decision will not have a significant impact.

    2 14.29%
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  1. #21466
    bad4ya is offline Member
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    Winner, winner chicken dinner... catchin' lotsa pips on this one .....

  2. #21467
    bad4ya is offline Member
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    Thanks editt .... hope your gettin' summa that....

  3. #21468
    bad4ya is offline Member
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    high heeled boot

    every time I see this chart pattern the price always falls below the "heel" .... I'm betting it bounces off 162 .... (30m chart)
    Last edited by bad4ya; 03-23-2011 at 06:33 PM.

  4. #21469
    Easy Trader is offline Member
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    Cable topped ?

    Quote Originally Posted by fazi View Post
    Hi,

    MTD (12) bottom confirmed - going up to MTD12/LTD5 top, or (super bullish) we had LTD5 with MTD11 top and LTD6 with MTD(12) bottom.

    Patryk
    Patryk,

    Cable is making a clear impulsive 5 down (could be a-b-c-d-e top 5 now), how do you see this according to delta?
    Could be only an a-b-c correction?
    Last edited by Easy Trader; 03-24-2011 at 04:04 AM.

  5. #21470
    fazi's Avatar
    fazi is online now Member
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    Quote Originally Posted by Easy Trader View Post
    Patryk,

    Cable is making a clear impulsive 5 down (could be a-b-c-d-e top 5 now), how do you see this according to delta?
    Could be only an a-b-c correction?
    Hi,

    I don`t think wave pattern off the very top looks like w1 impulse, unless there is a truncation and w1 starts from 1.6382.

    For me it is a corrective move down - ITD7 bottom today is just fine from delta perspective - we`re a few pips above 50% fibo now.

    Patryk

  6. #21471
    fazi's Avatar
    fazi is online now Member
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    Quote Originally Posted by Easy Trader View Post
    Patryk,

    Cable is making a clear impulsive 5 down (could be a-b-c-d-e top 5 now), how do you see this according to delta?
    Could be only an a-b-c correction?
    One more thing,

    Fx today is a race to the bottom. Although Europe is deep in the poo today developements in Japan would probably be much more powerfull driver for the dollar (weakness).

    I can hardly imagine a strong domestic demand for Japneese bonds today as there are so many expences involved with disaster removal/rebuilding. A loss of confidence to the government because of the way thay run Fukushima crisis will not help placing bonds on the market too.
    BOJ can`t print much more as this would push yields higher, and that would kill the budget. The only solution they have is dumping US treasuries. Rising yields will hurt Japan more than export margin squeeze (export is in a standstill anyway and god nows for how long it will be).

    Edit: If Japan is forced to sell USTs guess who needs to buy them (print more)?

    Patryk
    Last edited by fazi; 03-24-2011 at 05:18 AM.

  7. #21472
    Gregory McLeod's Avatar
    Gregory McLeod is offline DailyFX Moderator/Trader
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    Daily Chart Negative MACD Divergence Indicates GBP/USD Could Go Much Lower

    Daily Chart Negative MACD Divergence Indicates GBP/USD Could Go Much Lower. Look for 1.5800 to be revisited.
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  8. #21473
    fazi's Avatar
    fazi is online now Member
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    Here is an interesting piece of information:

    Someone Leak Something? | zero hedge

    I still prefer bullish scenario as long as 1.5975 isn`t broken. All other currencies and especially commodities (weekly charts) suggest heavy dollar beating in the following week/weeks.

    Bearish scenario:ITD6 top is also MTD11 and LTD5. I don`t like it because ITD5 bottom was much too late as for MTD in an uptrend, and probably ended with a truncation/tripple bottom. Of course my preferences cannot influence the market so I can easily be proven wrong with my bullish approach.

    Patryk

  9. #21474
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    GBPUSD Wave Analysis



    Bullish Scenario: Retreat from 1.6343 ( high of 03/02/11) to 1.5976 ( low of 03/11/11) is considered an (a)- (b)- (c) correction with wave (a) completing at 1.6124, wave (b) at 1.6242, and wave (c) at 1.5976. Under a bullish count rise from 1.5976 is considered the fifth wave of advance from 1.5750 (1/25/11) with sub-wave wave (1) completing at 1.6198, sub-wave (2) at 1.5977, and sub-wave (3) currently unfolding. Sub-wave (3) is unfolding as an extension with wave [1] completing at 1.6130, wave [2] at 1.5981, wave [3] at 1.6400, and wave [4] possibly ending at 1.6091. Below 1.5981 invalidates bullish count.
    Strategy: Enter long position at 1.6155 with stop at 1.6090. Price targets are: 1.6246 (50% Fib-retracement measuring from 1.6400 to 1.8091); 1.6282 (61.8% Fib-retracement measuring from 1.6400 to 1.8091); 1.6400 (100% Fib-retracement measuring from 1.6400 to 1.8091; 1.6400).

    Bearish Scenario: Retreat from 1.6400 can extend below 1.5981. Under a bearish count rise from 1.5750 has completed at 1.6400 with wave (1) at 1.5990, wave (2) at 1.5821, wave (3) at 1.6343, wave (4) at 1.5976 and wave (5) possibly ending at 1.6400.
    Strategy: Stand aside. Oversold conditions should bring recovery where a short entry can be sought.

  10. #21475
    Gregory McLeod's Avatar
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    US GDP Could Break Cable Out of Triangle

    US GDP Could Break Cable Out of Triangle- GDP number comes out at 8:30 AM ET
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  11. #21476
    Gregory McLeod's Avatar
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    Pip and Run Trading Room Results: +64.1 pips 11 wins out of 12 trades!

    Pip and Run Trading Room Results: +64.1 pips 11 wins out of 12 trades!

    We had over 200 in the trading room today watching me "Pip and Run". Ending diagonal pattern breakout on 5-minute Euro chart ignited short-squeeze rally that I was more than happy to pile into!

    Aussie was a monster as well and I grabbed numerous pips.

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  12. #21477
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    Bear Flag Spotted by Pip & Run Veteran, Arturs. I Hit EUR/JPY Twice for 20 pips

    Bear Flag Spotted by Pip & Run Veteran, Arturs: "EUR/JPY is forming a nice Bear Flag on 5 min chart" Took about 2 hours to break. My Alarm went off so I just pulled the trigger.

    I pointed this setup again as price was breaking out.

    You can Follow me on Twitter@gregmcleodtradr
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  13. #21478
    s_slo87 is offline Member
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    Does anyone see this pair still range bound of 1.60/6350?
    Patience is key.

    Sean.

  14. #21479
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    GBP/USD Breaks Major Trend line South

    GBP/USD Broke Trend line South. Cable may need to work off oversold condition with a retrace back to the 1.6158- 16252 neighborhood
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  15. #21480
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    GBPUSD 4hr Wave Analysis 3-26-2011



    Bullish Scenario: Retreat from 1.6343 ( high of 03/02/11) to 1.5976 ( low of 03/11/11) is considered an (a)- (b)- (c) correction with wave (a) completing at 1.6124, wave (b) at 1.6242, and wave (c) at 1.5976. Under a bullish count rise from 1.5976 is considered the fifth wave of advance from 1.5750 (1/25/11) with sub-wave wave (1) completing at 1.6198, sub-wave (2) at 1.5977, and sub-wave (3) currently unfolding. Sub-wave (3) is unfolding as an extension with wave [1] completing at 1.6130, wave [2] at 1.5981, wave [3] at 1.6400, and wave [4] possibly ending at 1.6007. Below 1.5981 invalidates bullish count.

    Strategy: Enter long position at 1.6090 with stop at 1.6006. Price targets are: 1.6157 (38.2% Fib-retracement measuring from 1.6400 to 1.6007); 1.6282 (50% Fib-retracement measuring from 1.6400 to 1.6007); 1.6250 (61.8% Fib-retracement measuring from 1.6400 to 1.6007).

    Bearish Scenario: Retreat from 1.6400 can extend below 1.5981. Under a bearish count rise from 1.5750 has completed at 1.6400 with wave (1) at 1.5990, wave (2) at 1.5821, wave (3) at 1.6343, wave (4) at 1.5976 and wave (5) ending at 1.6400.

    Strategy: Stand Aside.

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