Ideas on Cable

It does appear to be coming back a little. I think it might be time to get in.

Yes, you’re right: I see on the BBC today that both the Pound and the London stock exchange are correcting a little and showing intraday gains, this afternoon.

Can some trenders on here weigh in with some entry and exit ideas.

I think the problem with trading GBP or EUR at the moment is that there is constant news. A lot of traders tend to close fx positions before scheduled important news events. With these two there is currently likely to be major unscheduled news at any time. So in a nutshell…high risk.

I agree.

For those of us already locked in long-term Pound or Euro trades, it is a different ball game: if you have not entered trades in those two currencies yet, maybe it is not quite the time to be trying to decide on a bias…

Cool cool. The next EMA cross on 30min and I’m getting in to hell with it. All this hesitating has already cost me 200 pips.

The most profitable trading I have ever done, on demo and in real life has been catching the spikes on High Impact News Release

And when there are no news they barely move, especially GBP/USD. I stopped trading that pair at the beginning of last week and I still haven’t resumed trading it.

Just got in on a sell, god help me.

Just got out, modest return. 20% do you think it will correct more now or is bearish still the safer option.

Hi Guys, There is a good amount of information in the technical analysis area here as well as that available from other sources. I believe a significant correction on Cable is inevitable and given the force of the initial downward move; trying to identify and catch the turn moment would provide the most efficient use of ones time, trading resources, research and accumulated experience.

True…

I wonder what George Soros thinks will happen now, Monday 20th June:

EU referendum: George Soros warns Brexit will trigger fall in pound ‘worse than Black Wednesday’ | UK Politics | News | The Independent

It’s logical for there to be a correction after such a massive drop, but on the other hand at the moment the pair is hugely affected by politics and news, so there is no guarantee it won’t start dropping again soon.

That is right, although it is still ranging right now and unlike typical announcement trading, I believe the direction on the news in this case is more predictable on the fundamental implications for the UK economy.

Question. What caused the drop - which market participant contributed most to the drop - were they real world factors or speculators.

Greetings. The spike charts for NFP have been quite good the last 12 months. I was wondering if you think there could be especially more activity in EURUSD and GBPUSD given Brexit.

Cable may stay consolidated above the 1.3200 level, new information has to come in to make it move.

Some dropping today below, the main low. Trying to figure out who the market participants responsible for the this collapse are. It doesn’t make sense for real businesses with demand for foreign currency to suddenly exchange immediately post brexit in the early hours of the morning - or are the banks executing those deals for their clients.

It does make sense for asset managers who may have restrictions on the investment grade of the products they are allowed to buy to check out of sterling denominated assets and or harbour elsewhere. If they are the movers here, then especially given the downgrade of the UK, it will take a very long time for that money to come back.

The GBPUSD stalls after the bounce on the 1.2800 level, but the bearish trend is still in place. The 1.3200 level may still act as resistance.

We’ll have to wait and see how the US Change in Non-farm Payrolls announcement will affect it later today, hopefully it will cause more than a whipsaw.

The GBPUSD may settle around the 1.3200 zone, but it may also drop back down. For now the bullish momentum is still in place.