Same view as yesterday 4 me.. still long on cable, looking 4 retest of highs and then beyond. Same lines in play as yesterday's chart, plus watching 4 break of resist line ard the 60 area.

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Hi Jackdaw,

If it does go down this week how low are you looking to hold your longs ?

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John G

Also watching the $ index, for indications as to how far the $ weakness shud continue this time ard.
Watching the extension levels for the 61.8% correction shown.
AB=CD would come in ard 80.41
The Dec 04 lows were 80.48

Think I'll start looking for a $ base ard these sort of lvls.

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2.0000 rolling for the more recent stuff, and currently 1.9950 for the rest.

If they go, then maybe a deeper "C" down is underway.

Looks like a squeeze going on with the recent longs covering.

Pretty fast move so I'm currently thinking about 9930 just above the .382 as a target for the 2.0057 spot shorts and will be looking to cover and reverse long around that level for a ST bounce, downside is protected by the 9940 put.

GBPJPY also looking vulnerable in my view as USDJPY is going to meet offers coming into the previous 119.87 high up to 120.00

I'm currently spot short on GBPJPY @ 237.84 from yesterday, still targeting 233.40 and then 220's further out but will need equities to come off the highs and some risk aversion back in the markets for that to materialise.

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John G

Yep, some of those longs were mine. lol!

Below 950, and I will be looking for a 1:1 and the "C" to reach the 880 area.
(a tad below your 38.2)

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Carry still relentless, but I think you may be right that 239.00 is very strong resistance to overcome. That havong been said the most likely scenario, given good UK data is range bound consolidation - unless we get a dive in the equity markets.

Covered spot short and now long @ 9930 but very wary of the momentum this pair has now,

Jobless and earning in 30 mins will give the break or bounce from 9900

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John G

Well that was a pretty big shakeout,

GBP really struggling at the moment, EURGBP GBPCHF and GBPJPY all under the hammer.

Definately due a bounce to sort out the o/s on the intraday charts, but have a feeling we have further south to go on cable before the week is out.

I've got a spec long @ 9930 with a tight 9897 stop and will just trail that up 30 pips at a time. if the 9897 gets taken will just run with the 9940 put.

Anybody else have any views atm ?

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John G

Going fishing around the 1.9885
Just missed out first time around.

The 1:1 is a pretty reliable reversal area...

Hi John,

I don't trade GBP, but it is somewhat correlated to eurusd. My view on eurusd is positive and am looking for the retest of the high.

Wishing you the best.

Hi Analyzer,

Any particular levels you looking to go long or are you already in the market?

Already in.

Hello all,
I will not touch it at the moment, till the dust settles. Probably around 9850.
cheers

Avg. cost basis 3602