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Cable: Happy to stick with longs for now

Posted on - August 29, 2014 8:09 am (Australia/Sydney) | 1 Comment
I’ve been trading the short-term 1.6570/1.6610 range to good effect and I am still long in the hope of a base forming nearing current levels and the up-trend re-igniting. It’s unlikely that anything will happen during Asian trade and we can expect very quiet ranges until Europe opens. If we can close the week above […]

Cable: Still long, trading 1.6570/1.6610 s/t range

Posted on - August 28, 2014 2:03 pm (Australia/Sydney) | 0 Comments
I’m of the view that we may be trying to form a base near 1.6600 and return to the bull trend. I’ve been buying dips over the last two days but I’m still a bit worried, especially by reports from the EUR/GBP market. The market is undoubtedly still short of the cross and I’m hearing […]

Cable: Technical support at 1.6612

Posted on - August 19, 2014 6:37 pm (Australia/Sydney) | 0 Comments
Cable has fallen sharply after the lower than expected CPI numbers. The 61.8% retracement of the rally from the previous pivot at 1.6250 to 1.7190, comes in at 1.6612. I will try buying there and see what happens.

GBP higher in early Asian trade after Carney comments

Posted on - August 18, 2014 7:35 am (Australia/Sydney) | 0 Comments
Cable closed last Friday around 1.6695 and has traded to 1.6730 in early interbank trade. Newspaper articles are quoting Mark Carney as saying that the BOE doesn’t need wage growth to start raising rates. Wage growth has been seen as the main drag on higher rates so these comments, if confirmed, are very relevant. Looks […]

Focus now turning to the GBP crosses

Posted on - August 14, 2014 7:36 am (Australia/Sydney) | 0 Comments
Like we mentioned a couple of days ago, pairs like GBP/CAD are heavily over-positioned and ripe for some sharp reversals. The BOE quarterly inflation report sent the GBP bulls scurrying for cover and there could be more pain in store if big support levels (like 1.8100 in GBP/CAD) are broken. That said, the up-trend in […]

Cable: Prefer to buy any intraday dips

Posted on - August 13, 2014 8:09 am (Australia/Sydney) | 2 Comments
The GBP looks a bit suspect overall on some of the crosses so I wouldn’t be getting carried away with bullish strategies just yet. That said, the cable up-trend is very strong and we will see sharp bullish retracements from time to time whilst these medium term consolidation phases are on going. I’m looking to […]

GBP/CAD: Here’s one for the risk-reward contrarians

Posted on - August 12, 2014 8:29 am (Australia/Sydney) | 0 Comments
Ask yourself a question- were you short and bearish GBP/CAD at 1.55? Are you now long and bullish at 1.85? The chances are you are not alone as this has been an extremely popular trade with professional traders over the last few months. Prime broker reports suggest that there are still some very large long […]

EUR/GBP: Happy to trade either side at the moment

Posted on - August 3, 2014 8:33 pm (Australia/Sydney) | 0 Comments
The overall bias is still bearish but the market is caught short in thinning August markets, hence the rally at the end of last week; This pair has fallen a long way in a short space of time, so relief rallies are to be expected; I’m quite happy to try trading 50 pip moves either […]

EUR/GBP: Volatility picking up, now worth trading again

Posted on - August 1, 2014 8:08 am (Australia/Sydney) | 0 Comments
I still prefer the bearish bias here but the fact that the cross stayed reasonably well bid despite some Portugese bank jitters does suggest that the market might be a tad oversold? I’d expect short-term support now to be very solid near .7900 and there may well be trailing stops topside above the market so […]

Cable: Weekly close below 1.70 would certainly trouble the bulls; 1.6970/1.7020 daily parameters

Posted on - July 25, 2014 8:12 am (Australia/Sydney) | 0 Comments
Long GBP has been the trade of choice (along with long NZD) amongst professional traders over the last 6 months. The big macro players are still very long and I suspect that they may start re-assessing if we get a weekly close below 1.7000. Present markets are being influenced more by sentiment than by technicals, […]

EUR/GBP catching bid tone after BOE minutes

Posted on - July 23, 2014 6:39 pm (Australia/Sydney) | 0 Comments
EUR/USD ran into some significant bids near 1.3455 a little earlier; The BOE minutes have just been released and the immediate reaction from professional analysts seems to be that they are slightly more dovish than expected; EUR/GBP has been the market’s favourite whipping child in recent months and is ‘enjoying’ a very modest 25 pip […]

Cable: Support levels holding but………….

Posted on - July 15, 2014 8:04 am (Australia/Sydney) | 0 Comments
EUR/GBP has found decent buying interest on dips below .7950 from EZ corporates; Macro funds were noted ‘short-coverers’ yesterday in the cross; Bids were reported late yesterday in cable near 1.7070 but heavy macro stops also below 1.7055. I will continue to respect the support levels in the cable but with the market already long […]

Cable: Macro stops building below 1.7055

Posted on - July 14, 2014 8:04 pm (Australia/Sydney) | 0 Comments
A reliable Prime Brokerage source suggests that we could be in for quite a battle if cable trades down towards 1.7070. There are decent bids starting near there but there are also heavy macro-type trailing stops below 1.7055. With little else to move the market at the moment, these orders may act like a magnet. […]

UK economy: BRC survey shows large drop in annual prices

Posted on - July 9, 2014 9:08 am (Australia/Sydney) | 0 Comments
UK retailers say that prices fell by 1.8% in the year to June which would be the biggest annual drop since 2006. Such data is certain to have an effect on the interest rate debate in the UK. Coming on the back of slightly disappointing industrial production data yesterday, this might be enough to tempt […]

Cable: Outlook for the week ahead- suggesting 1.7075/1.7325 range

Posted on - July 7, 2014 8:58 am (Australia/Sydney) | 0 Comments
BoE likely to be somewhat of a non-event this week and industrial/manufacturing data expected to show continued solid performance; Fed minutes will have an obvious impact on the USD side of the equation; Cable tends to trade around 150 pips in quiet weeks and 350 pips in busy weeks; Splitting the difference, and maintaining the […]

GBP might be affected in early London trade by AUD syndrome

Posted on - July 3, 2014 4:49 pm (Australia/Sydney) | 0 Comments
The GBP and the AUD have been reasonably closely correlated in recent weeks. We are either about to see a big break higher in GBP/AUD, or the GBP might come under some pressure and drive it back into the previous range. Really not sure which, but in the short-term at least, we may see the […]

EUR/GBP still the stand-out big position in the market

Posted on - June 30, 2014 7:37 am (Australia/Sydney) | 0 Comments
The market is heavily short of EUR/GBP in an environment where there aren’t many other big positional trades going on. I guess we can make an argument either way here; perhaps the market has plenty of scope to increase shorts as there are so few positions elsewhere, or the lack of general momentum will cause […]

GBP/JPY: Likely to grab much of the focus during Asian trade

Posted on - June 20, 2014 8:23 am (Australia/Sydney) | 5 Comments
If anything happens during the Asian session then it’s likely to be in cross pairs like GBP/JPY. There is some very important technical resistance between 173.60/174.85 and we are just starting to sneak inside of this resistance band. The market is already long of this pair so the temptation will be to book profits if […]
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