What's happening to GBP/USD?

gbp/usd ratio still down…

anybody explain me what’s happening, is there any opportunity to increase?


Hi asfar, please read the last two-three pages of the thread immediately below yours (Questions about volume etc.)…

I call it a healthy correction in a strong bull-run which I expect to continue. Several disappointments, especially yesterday, pushed the currency pair into some very nice support. Again, that is my view. I think we will see the GBPUSD trade higher over the next few months and close 2014 above 1.7000.

Comments out of the BoE were oddly less hawkish than many expected they’d be. GBP isn’t happy about that

For the British Pound, rate hike expectations have been priced in for a while, but with recent data coming in weaker, those rate hike bets have been taken off of the table. The last catalyst was the BOE inflation report where the BOE commented that wages are still the focus, and they remain slack for the foreseeable future. For forex traders, this translates into no rate hike coming soon. Couple that story with the return of focus to the U.S. looking to hike rates soon on recent positive data, and Cable made a pretty nice move down from the 1.70’s. I wouldn’t be surprised if it gets as low as 1.63 - 1.64 before buyers step in again, but I think it’ll likely happen around 1.65. My two pips.

4 and a half hours to the end of the present trading day, a nice but rather weak pinbar seems to be forming over the important 1.665 support

This has been the most talked about currency pair of late…

I would like to offer nothing more than today’s video from my ‘guru’, John Kicklighter, Chief Strategist at


As one who has been shorting the Pound (mentally and then materially) since it crossed 1.69 to the upside,

I was ready for this and I am very happy the longer it continues lower… It feels good to come clean :wink:

Agree here. I am also keeping my eyes on this interesting area. Let’s see where to from here

If anyone uses Fibonacci,

the 50% retracement of the Aug. 2008 high to Jan. 2009 low is at 1.6677 (approximately),

and GBP/USD is currently loitering just above this very level… A break beneath it would need

enough ‘oomph’ in order to get through it…

Beyond that, the usual whole-number and half-number levels below await this pair, namely:

1.6650, 1.6600, then 1.6550, 1.6500, 1.6450, 1.6400, and so on…


This American Summer session has been absolutely nuts, with the amount of key tech breaks on currency pairs.

I wrote this blog post a few weeks ago, in which I share 8 of my charts (only a few amongst others)- all showing major technical breaks!

Summer Madness- July is Breakout Month! #FOREX - FOREX-unlimited.com

can’t say that shorting the cable since 1.69 on its way up has been a wise thing to do, as besides that next target was the 1.73+, the bears should wait for more than a month to feel some joy.
anyway the august’s close is of big importance: closing above 1.675 will set the pair towards last month’s highs while closing below will mean the test of 1.63 as support

which scenario will be realized is of no importance to any trader, obviously.
being prepared for both possibilities, that’s what is important.

PS - You can ‘short’ something mentally from whichever level, meaning, you have a bearish bias

based on analysis and your interpretation of what you see before you… I saw that the 1.69 break

was fragile, and it just happens (call it luck) that it went that way… 1.72 to 1.66(xx)… nearly six

hundred pips… that is a hell of a ‘correction’… It does not matter who is right or wrong! But to

be bullish through a six hundred pip dive is, of course, as naughty as being bearish during the

last three hundred pips of a bull trend :slight_smile: :wink:

What is the fate of GBPUSD now? I mean it looks highly oversold at the moment. Can we expect a bounce back in this coming week? My EA started buying it when it was 1.7150 and since than the EA is doubling the trades and now I have like 2000 USD draw down. What you think guys will it be bullish anytime soon?

An interesting video on GBP/USD for this week, looking ahead… A webinar by John Kicklighter, Chief Strategist for DailyFX.com:

Weak CPI, house prices, Retail sales:

Goodbye, Pound…


Pipme, mind that gap!

Further Pound losses…

I wonder what volume there was behind these moves…

Completely I lost my trading due to this falling pound, now I am ready to say good bye to my trading life, still I have my balance 1.8usd.

Sorry to hear that, Asfar… Indeed, the falling Pound has travelled over 550 pips and

it seems possible that it may continue:

Half of it closed now, I’d say that there are a few sell orders 6680?