20th June, GBPUSD @ 1.9775 - will it go any higher ??

[hayden]

any ideas ?? im new and in deep on a sell ...

[bmystic]

Check your pivot points.
what is resistance? Buy go long...looking for breakout
what is support? If it breaks support...go short...sell
And use tight stops...and keep your fingers crossed,because no one can predict which way the market will go next.
its gambling...its a crabshot....just go for it.
Just remember 1 thing if nothing else...Don't Gamble more than you can afford to lose

[hayden]

Can the British Pound Extend its Gains?

Can the British Pound Extend its Gains?
Friday, 20 June 2008 21:40:58 GMT
Printer Friendly | Email Article | RSS | Previous articles
Previous Articles

* Jun 20 - Can the British Pound Extend its Gains?
* Jun 19 - British Pound Soars as Consumer Spending Growth Hits Record Levels
* Jun 18 - UK Retail Sales May Not Help the British Pound Breakout of its Range
* Jun 17 - Pound Unexpectedly Drops On BoE Forecasts Of 4 Percent Inflation
* Jun 16 - Bank of England Could be Forced to Outline Plans to Curb Inflation
* Jun 13 - British Pound Held Back By the Dollar
* Jun 12 - British Pound Nears 3 Months Low
* Jun 11 - British Pound Shrugs Off Weaker Economic Data
* Jun 10 - British Pound Hit By Dollar Strength
* Jun 09 - Soaring Inflation Drives the British Pound Higher
* Jun 06 - British Pound Extends Gains - Will UK Inflation Data Continue to Support the Pair?
* Jun 05 - Pound Recovers Early Morning Losses After BoE Keeps Rates Steady
* Jun 03 - British Pound Sees Fundamental Road Bumps Ahead Of The BoE Rate Decision
* Jun 02 - British Pound: Will The Next Credit Crunch Be Triggered By The UK?
* May 30 - British Pound: Bank of England Likely to Leave Rates Unchanged Next Week
* May 29 - British Pound Weighed Down By Sharp Drop In UK Home Prices
* May 28 - British Pound May Sustain Its High Volatility Thanks To A Busy Calendar
* May 27 - British Pound Tumbles as UK Housing Sector Continues to Deteriorate
* May 26 - British Pound looks to Important Inflation Data
* May 23 - Can the British Pound Hold Onto its Gains?

Written by Kathy Lien, Chief Strategist

The British pound has had a great week thanks to broad dollar weakness and strong economic data.

The UK retail sales report has raised a lot of questions as to how much longer the Bank of England can remain on hold. Earlier this week, Bank of England Governor King warned that inflation could hit 4 percent this year, which is 2 full percentage points higher than their inflation target. The only thing holding the BoE back from raising interest rates now is growth, but if growth is stabilizing, then a rate hike may be just around the corner. Unfortunately there isn’t a lot of data to help the British pound next week. The calendar is relatively light except for a few reports on house prices, the final GDP numbers for the first quarter and current account.

[randont]

I'm short at 1.9686 from last week. I'd say we have a better than average chance that it goes down. Nothings for certain in this business though. As far as tight stops go. It all depends on your system. As long as they don't take you out of good trades.

[hayden]

youd be out by now ?? its gone down well, 1 of my three are closed and i have 2 left, 1.9599 and 1.9670 both short...

[fxdaytraderman]

Hey I'm new here but I trade the GBP/USD a lot so I thought I would introduce myself first. I've been trading the currency markets for about a year and traded stocks for about 5 years before that. I like the currency markets a lot better and I hope we can all make a lot of money together!

[fxdaytraderman]

Originally Posted by hayden

youd be out by now ?? its gone down well, 1 of my three are closed and i have 2 left, 1.9599 and 1.9670 both short...

Heres why I think it is going down...

Got the GBP/USD in a breakout triangluar consolidation pattern on the 4H and 60M charts (easier to see on the 4H). Shorter term downtrend is hitting the longer term uptrend (in the midst of a daily/weekly downtrend, with me so far?) and is forming the triangluar pattern. I expect a breakout in on direction or the other, obviously, but I think it will be down.

[linkon654]

Default
Can the British Pound Extend its Gains?

Quote:
Can the British Pound Extend its Gains?
Friday, 20 June 2008 21:40:58 GMT
Printer Friendly | Email Article | RSS | Previous articles
Previous Articles

* Jun 20 - Can the British Pound Extend its Gains?
* Jun 19 - British Pound Soars as Consumer Spending Growth Hits Record Levels
* Jun 18 - UK Retail Sales May Not Help the British Pound Breakout of its Range
* Jun 17 - Pound Unexpectedly Drops On BoE Forecasts Of 4 Percent Inflation
* Jun 16 - Bank of England Could be Forced to Outline Plans to Curb Inflation
* Jun 13 - British Pound Held Back By the Dollar
* Jun 12 - British Pound Nears 3 Months Low
* Jun 11 - British Pound Shrugs Off Weaker Economic Data
* Jun 10 - British Pound Hit By Dollar Strength
* Jun 09 - Soaring Inflation Drives the British Pound Higher
* Jun 06 - British Pound Extends Gains - Will UK Inflation Data Continue to Support the Pair?
* Jun 05 - Pound Recovers Early Morning Losses After BoE Keeps Rates Steady
* Jun 03 - British Pound Sees Fundamental Road Bumps Ahead Of The BoE Rate Decision
* Jun 02 - British Pound: Will The Next Credit Crunch Be Triggered By The UK?
* May 30 - British Pound: Bank of England Likely to Leave Rates Unchanged Next Week
* May 29 - British Pound Weighed Down By Sharp Drop In UK Home Prices
* May 28 - British Pound May Sustain Its High Volatility Thanks To A Busy Calendar
* May 27 - British Pound Tumbles as UK Housing Sector Continues to Deteriorate
* May 26 - British Pound looks to Important Inflation Data
* May 23 - Can the British Pound Hold Onto its Gains?

Written by Kathy Lien, Chief Strategist

The British pound has had a great week thanks to broad dollar weakness and strong economic data.

The UK retail sales report has raised a lot of questions as to how much longer the Bank of England can remain on hold. Earlier this week, Bank of England Governor King warned that inflation could hit 4 percent this year, which is 2 full percentage points higher than their inflation target. The only thing holding the BoE back from raising interest rates now is growth, but if growth is stabilizing, then a rate hike may be just around the corner. Unfortunately there isn’t a lot of data to help the British pound next week. The calendar is relatively light except for a few reports on house prices, the final GDP numbers for the first quarter and current account.

[linkon654]

breakout triangluar consolidation pattern on the 4H and 60M charts (easier to see on the 4H). Shorter term downtrend is hitting the longer term uptrend (in the midst of a daily/weekly downtrend, with me so far?) and is forming the triangluar pattern. I expect a breakout in on direction or the other, obviously, but I think it will be down.