HUCKDATE: Thoughts on GBP/USD - Page 3
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  1. #21

    Default Huck's Pre-Week Market Analysis for January 28 to February 1, 2013

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    I'm pretty bearish on the pound given the currency's fundamental landscape. However, Cable has been making low after low and I can't help but think that the pair would soon need to pullback before extending its downward move. I'll be watching out for that and keeping close tabs around 1.5780 where the pair could test the falling trend line.

    Read about my take on the fundamentals on my blog: The Loonie Adventures of a Forex Noob

  2. #22

    Default GBP/USD: Resistance At the 100-SMA?

    Trade idea: 2013-1-30 0:30

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    Well, well, well, it looks like the trade setup I've been waiting for on GBP/USD's 1-hour chart has finally materialized. If you recall, earlier this week, I mentioned that GBP/USD could soon stage a pullback after posting a new low below the 1.5700 handle.

    With price stalling right under the 100-SMA and Stochastic showing that conditions are overbought, I've decided to jump in on a short. To protect myself from adverse market moves, I've set a stop at 1.5815, which is just a few pips above the 61.8% Fibonacci retracement level. As for my profit target, I'm initially aiming for the previous swing low, but I'll ultimately go for new lows.

    I'm not worried about the pound's comeback yesterday. The fundamental landscape is still pretty bleak for the currency. If you're a fan of Forex Gump like myself, you probably also know that the U.K. economy printed a much bigger contraction than what analysts anticipated and is even at risk of a triple-dip recession!

    We have a few event risks for the U.S. that could move GBP/USD such as the advance GDP, FOMC, and NFP reports. I have to admit that I'm not entirely sure how they could move the dollar in the next few days. However, I'll be sure to be on my toes for them so I can adjust my trade accordingly.

    To recap:

    I sold at market (1.5753), SL at 1.5815, PT1 at 1.5685, PT2 yet to be determined. Risk disclosure.

    Cross-posted from my blog, The Loonie Adventures of a Forex Noob.

  3. #23

    Default Huck's Pre-Market Analysis: GBP/USD Setup

    GBP/USD: 1-hour

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    I don't know if it's just me, but Cable looks like it has formed an inverse head and shoulders. Given the shift in the pound's fundamental landscape and this reversal chart pattern, I'm going to look for an opportunity to go long on GBP/USD.

    The neckline and the moving averages seem to coincide nicely with the Fibonacci retracement levels between 1.5720 to 1.5750. Once reversal candlesticks materialize around this area, I will be ready to pull the trigger!

  4. #24
    I'm feeling really giddy about GBP/USD's uptrend on the daily chart. It's almost too good to be true! I can't make new charts at the moment so here's what I was looking at last week. What do you think?

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