PipDiddy, definitely, at this pace (300-400 pips per day)…
I am riding this one to 3.00…
Lots of big news for GBP coming up in about 12 hours. I hope the recent good run for GBP/NZD continues.
So do I, yohec…so do I…
Just to try and add some balance to this thread. ( I want it to rise too but we have to look at all aspects) We are now approaching the 50% fib of the move down from the top to recent bottom. Under normal circumstances we should see a bounce down from that level (this is not a normal pair though lol) I still have a feeling we could see 2.15 before the return of the up trend in full, but this pair certainly does not act in the same way as most in either tech or fundy ways
Yours truly Devils Advocate
Good points Kev!!!
BoE rate decision in just over one hour
I have also been watching the Fib levels on this pair. It is currently stalling around the 38.2% retracement from the recent low. The 50% Fib is still about 200 pips away, but I hope it will not be strong enough to hold the move. I see your point.
We shall soon see what happens with the barrage of GBP news coming up in a little over 1 hour from now.
What will the market do?
Beware some volatility at Carney speech, although with those revisals etc its going to have to be a hell of a jawbone exercise to get this candle up again. This could be a large 4hr or daily we are heading for
Carney talked the Pound down,
blaming it for low CPI…
This was new commentary,
and the markets reacted accordingly:
NFPs beat expectation;
GbP/nZd soared back above 2.30 and beyond.
Can you explain to me why positive news for US NFP’s cause GBP/NZD to have a large move up? I have trouble getting around my head how certain currencies are correlated.
Sure. GBP/NZD has been inversely correlated to NZD/USD for most of 2015 (and beyond), so even though today botg GBP/USD and NZD/USD fell.on positive NFPs, it was the NZD/USD that influenced GBP/NZD; yesterday, however, it was the BoE commentary on UK inflation outlook thay hit GBP/NZD, so for that one day the correlation switched from NZD/USD to GBP/USD…
Pip, thanks for the explanation. I’m also going back through some of your old posts and videos where you explain the correlation with the GBP/USD and NZD/USD.
Haha yes, I do go on a bit about that, don’t I haha
Great to see the guys doing well here. Just playing Devils advocate again and take a look at the H&S forming on the daily from mid June. This could also form an ABCD from the top in early Sept too. You guys are doing a great job of “scalping” ( I think that’s the best way to see 100s of pips in this pair lol) but I am concerned about UK data and confidence in rate rise now especially with China. I understand China could effect NZ more that UK, but a lot of GBP strength was priced in because of interest rate potential. Of course we have no idea of the timing of these moves and I would not be at all surprised to see a thrust to 2.35 first, I’m not sure of the COT figures, but I’m pretty sure the Market Makers are going to run some stops on this pretty soon
Relative to GBPUSD but I’ve followed Sive for a long time and his research is superb. FOREX PRO WEEKLY, November 09-13, 2015 | Forex Peace Army - Your Forex Trading Forum
Yours DA
BoE have only ever said a rate hike would be around the turn of the year at the earliest, personally I thought all along Feb soonest but possibly May or later. The later the better for me as a UK mortgage holder. I’m not expecting a 2nd rate hike in 2016, just the one 0.25%.
GbpNzd still only halfway back to pre-credit crunch levels, so plenty of room there. China will impact Nzd and Aud more than Gbp and, like a supertanker trying to turn around, it could be years before China slowdown hits stop and reverses.
I’m willing to bet on up to 4000 pips rise in GbpNzd and 8000 in GbpAud as things stand
Good article
LOL, with GBP/NZD and GBP/AUD, taking 100 pip profit can be considered scalping. I hadn’t thought about it that way.
Hello traders!
I hope you enjoyed my new video in GBP/NZD!
It may not be listed on some economic calendars but Investing.com appears to be showing the following event today:
8.05pm (GMT): Governor Wheeler speaks.
Keep your ears open and your eyes peeled!