If you're not too leveraged, you can push your long to 4800... but that completely depends on how much room you have to the downside. I personally believe the downside is in. I'm averaged in at 4330 (current price, ironically.)
If you're not too leveraged, you can push your long to 4800... but that completely depends on how much room you have to the downside. I personally believe the downside is in. I'm averaged in at 4330 (current price, ironically.)
You are right to consider Cable for 1.4600 but there are a lot of head winds, so I won't think any higher than that. There is a good chance next week of more lower prices. The lower end of last weeks value. That is 1.4400ish. I think pressure from the Yen which is already looking heavily south and bears a 94% correlation with Cable. The Canadian also diverged from Cable as well, so Cable is the only one soaring. Should help you to express caution. Good luck on the trade but it is better to see how Monday decides two sided trade before pulling the trigger. Better safe than sorry. 
arigoldman
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It's still holding on, interesting how it reacted to the NFPs...
NFP was probably the smoke screen needed for someone to drop a bomb shell that will no doubt ripple right through to Brexit.
fxstrategist
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Gbpusd
The GBPUSD breaks below the 1.4400 level and it may continue heading lower towards the 1.4300 level.
The GBPUSD breaks below the 1.4400 level and it may continue heading lower towards the 1.4300 level.
I apologize to all, but I want to limit this thread to trades only, or at least prospective trades ("if "so and so" then long, if "so and so" then short.) Entry at the time of entry and exit at the time of exit. We've been inundated with too much dubious analysis, much of it without real merit, which can be summarized by, "It can either go up or down from here." Yeah... duh. Just trade.
Good trading to all. And... sorry.
Good trading to all. And... sorry.
fxstrategist
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Gbpusd
The GBPUSD bounces to the downside from the 200 day EMA, the 1.4500 level may act as support.
The GBPUSD bounces to the downside from the 200 day EMA, the 1.4500 level may act as support.
Like everyone else, I too thought there would be a major drop if Brexit actually came to pass, but I admit I wasn't expecting the drop to be that huge, though in retrospect maybe I should have. Considering the current situation, the decline is likely to continue.
god damn the media is full of it.. the market clearly decided around 16/6 that remain would win the referendum on the back of the Joe cox murder and a poll putting remain up 52-48. Even though one week prior leave was up 10 points. To me it was madness but anyway thats the way the market often goes. The pound went from 1.45 approx to 1.50 prior to the vote then we all know what happened, however the pull back was big and sure 1.50 to 1.33 is massive, but if u look past the hours post brexit and back n forward a bit which the propaganda machine media never does, its not as bad as it seems. I personally believe the GBP will after a week or so steadily rise and be a perfect opportunity to go long. However this week im sure it will be all over the place with the BOE saying it will dump 500 billion into the market etc.. Good luck all..
arigoldman
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Good call, Markemarc!
