Category in GBP crosses

Cable: More gains look likely

This is still my preferred vehicle for trading the bearish USD view and until the short-term trend shows signs of weakening, I’d stay firmly in the bull camp; EUR/GBP resistance at .8500 continues to hold; Real money funds were the main buyers reported overnight in cable; Strong base formed now near 1.5915 despite one marginal

No obvious trades as markets stay in doldrums

Nobody wants to trade ahead of tomorrow’s deadline and I’m certainly not blaming them. EUR/GBP: Technicals favour further losses imho and we can expect some volatility post-UK jobs data in 40 minutes; AUD/JPY is threatening to form a double-top at 94.10, worth watching for sure; AUD/USD option barriers at .9550 and .9600 (bigger); Real money

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