Category in GBP crosses

EUR/GBP: Shorts preferred with stops above .8505

This pair is less likely to be affected by any debt-deal silliness so we can start paying attention to the technical picture. The 5-wave down-move from .8770  to .8330 has retraced by 38.2% to .8500 and has now put in a daily top at this level (see chart). Selling any intraday rallies towards this level

Cable: Lack of momentum increase above 1.6160 infers top could be imminent

Price action usually tells us all we need to know about a pair and the fact that there was no momentum increase above previous highs at 1.6165 suggests to me that the market might be getting a bit overly long. I’m on heightened alert now and will book the remaining profits on my longs and

EUR/GBP: Major selling flows expected during European session

Our resident hedge fund insider @FXWW888 has been updating us via the FXWW-RM chat-room on all the latest news surrounding the big EUR/GBP selling flow which is due to be completed later today. Gossip has it that not all of the EUR4  billion has been completed. Overall downward pressure on EUR/GBP is likely to stay in

Cable: Still think we could see 1.6250/1.6300 on a spike

Comments from the Bank of England governor, Mark Carney (Reuters story), saw the GBP spike higher across the board. The trend remains bullish and although momentum has been waning, I still believe that we can reach my target at 1.6250/1.6300 in cable before any extended consolidation/retracement begins. Some of the banks are starting to report

Lack of bounce in USD will be worrying dollar bulls

We saw a somewhat ‘silly’ and overdone sell-off in the USD earlier this morning on the back of news that Larry Summers would not be seeking the chairmanship of the Federal Reserve. Stops were done across the board, especially in pairs like USD/JPY and AUD/USD, but the lack of a decent retracement will be worrying

Cable: Consolidating and looking constructive

The sight of Asian Sovereign funds buying dips overnight will give us bulls added confidence; Bids expected to be heavy around 1.5770 but we can also expect trailing stops to be building below 1.5740; Option barriers reported at 1.5850, 1.5900 and 1.5950; With the ‘taper’ announcement moving ever closer, we may see some hefty flows

Still prefer to stick with bearish USD play

Some of the levels are getting a bit trickier for instance in USD/JPY and AUD/USD, where it’s hard to justify being short USD at current levels. But pairs like cable are pretty crystal clear in my biased view, and recent price action has given me no reason to change my view. USD/JPY; market is very

Asian market open, Thursday September 12th

  FXWW Asia Open Briefing 12-09-2013 Possible double-bottom on cable with neckline at 1.5750, looks very constructive indeed and my initial t/p target is at 1.6300; EUR/USD has moved higher supported by dip-buyers in crosses like EUR/AUD and EUR/GBP; USD/JPY has disappointed the bulls again by moving back below 100 and I still prefer the