[Buk]

Originally Posted by torero »

Here's an interesting pattern I don't get to see everyday, but the important thing is that it's converging at 2 supports, one at a major support line, and the other at bottom of the broadening pattern.

haaa, same instrument, similar level, different perspective!

[torero]

It's amazing that the EURGBP has only 20-40 pip daily range. This is nice candidate to swing trade few days to few weeks don't you think?

[torero]

How true it is, buk, in the end the analysis that take us to the right direction is what count eh? I see tex is MIA today, busy snipering for teenies? Must be very good if she can find opportunities everyday. For me I don't see many, still hugging at my major levels for safe plays only.

[Buk]

yes, that european pair lends itself well to fundamental plays....as are most of the GBP crosses at the mo........

Anna-Maria's crew have been sniping Eur/Yen & $/yen thru their respective s&r levels this a.m (155.50 & 120.25) & turned their att'n to the Franc this afternoon off the 2450 resistance line.........

she doesn't trade every day torero, only when key levels come into view, then she/they bat them with size & run for cover till the next opp's line up.....

it would be suicide to chase sniping opp's every day - fast route to the poor house

lie in wait, line em up & smack em with a baseball bat LOL..............

[Buk]

Originally Posted by Buk »

anyhow, we have 9587 thru 9615 focusing short term support & 9680 thru 9720 acting as short-end resistance above this 78.6 zone........to keep this mini leg intact, a pullback to c9575-80 would be a good zone in which to add to longs.....if not, watching the Asian range tomorrow for signs of stability will yield equally good risk to engage..........

the levels referred to in y'days post are bracketed by todays pivot markers as the overnight action keeps this pair shouldered at the highs........

the 60-240m bars suggesting continuation thru y'days highs, with price reacting off the main pivot as Tokyo opened for business........

we have the UK CPI data printing @ 9.30 & the Stateside Empire numbers showing later @ 8.30 EST..........

still remains a compound buy on pullbacks/Asian break.........

nb: that R3 pivot resistance should read; 9779........not 9799 as annotated (typo)........

[cowpip]

Buk and Torero - I tip my hat to you two for providing us with some refreshing and cool chit-chat. Nice job spotting those opps, Torero. As I said before, you seem to have a keen knack at spotting them. Nicely done!

[Anna-Maria]

Traders will be looking for this weeks inflation & retail sales data to confirm the recent hike from the BoE though Buk, yeah?

I mean, if the numbers print in-line then sure, the surprise hike is justified. If they're weak & our data continues to bouy the Dollar, then Cable could experience a near-term blow off.

Most of this near term strength is due to the backwind Cable has attracted from recent data. The buck is holding it's own on the general stage, & not really reflected in Cables current levels?

Your 9750, & certainly this 78.6 level (9650-80) is the close focus fulcrum early week.

Will be interesting to witness the price action after 4.30 EST today. Consensus+ reading on the CPI & it's as we were so to speak. Weak output & they'll no doubt step in & cover.

[Buk]

yeah, absolutely agree!......valid points

Cable has certainly stepped out of line & diverged against it's European neighbors, & you're right, it requires positive data to keep this leg honest.....

it's one positive would be tepid inflation/sales output & equally insipid Stateside data....but I doubt that would encourage the more aggressive Cable Bulls to run it........

it's approaching an important level both on the Fundamental & technical front........we'll see huh!

it's the support zones below here which will signal this pairs real capacity to engage the Dollar on any near term pullback shuffle........9750 is a pretty imposing double touch resistance level.....it will need to take that level & flex it's muscle there to show it means business...........