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  1. #1
    Specialist Member RCox's Avatar

    Hot HOT!! GBP/USD to be Contained by Fib Resistance - Triggers Hourly PUTS !!!

    GBP/USD to be Contained by Fib Resistance - Triggers Hourly PUTS

    The latest news of the Cyprus downgrade by Standard and Poor's should bring some buyers back in the USD on a safe haven basis. The best way to play this is being offered by the GBP/USD, which has come into the 23.6% Fib retracement of the move from the 1.6330 triple top, at 1.52. Historical resistance at 1.5220 should thus contain prices and this is a signal for short term PUTS at 1.5215. These can be taken on an hourly basis, or using end of day expiries for the Friday close.

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  2. #2
    Specialist Member LesterK's Avatar
    Thanks for the post Richard! On time again! I didn’t notice that GBP/USD is so close to its Fibo retracement at 1.5220. There will be some short term price action for sure and such an end of the day call is a good decision to play now!

  3. #3
    Specialist Member runneroption's Avatar
    I don’t see a direct connection between Cyprus downgrade and GBP strength? The better way to play is directly in EUR/USD or in some of the euro crosses, but I think now the Euro is gaining again power and it is not appropriate to play short today.

  4. #4
    Solid Member susan's Avatar
    The GBP/USD trend is still up. Do you think guys the Fibo level will stop the price going higher? It is now exactely 1.5215 !!!

  5. #5
    Veteran Member Ammeo's Avatar
    Quote Originally Posted by runneroption View Post
    I don’t see a direct connection between Cyprus downgrade and GBP strength? The better way to play is directly in EUR/USD or in some of the euro crosses, but I think now the Euro is gaining again power and it is not appropriate to play short today.
    Me neither...GBP and Cyprus found be things far away...Big task would be for Eurozone to get Cyprus out of misery..Eurozone has been too generous on countries like Greece,Spain and Cyprus lately...
    Look what the news says" Cypriot MPs have rejected European Union bail-out terms in parliament, with more than half of the country's legislators voting against a controversial bank levy, and 19 MPs choosing to abstain.""...Now Cyprus dont want a bail out cause of their doubts on some banks..such a loser country..

  6. #6
    Veteran Member uj.forex's Avatar
    im targeting 1.5380 followed by 1.5395.... even bad data and stronger U.S dollar sentiment is not letting the pound to come down.. its holding firmly...

  7. #7
    Specialist Member marvel's Avatar
    The pound is really doing great last week and next week we will see again strong GBP in my view. Good targets uj! I hope we will reach them soon

  8. #8
    M.J
    M.J is offline
    Veteran Member M.J's Avatar
    GBP has shown significant recovery and I am strongly in favor of bullish gbp next week. Even though more economic news will be coming from uk but I am expecting them to be better than expected.

  9. #9
    Junior Member anderson's Avatar
    Quote Originally Posted by RCox View Post
    GBP/USD to be Contained by Fib Resistance - Triggers Hourly PUTS

    The latest news of the Cyprus downgrade by Standard and Poor's should bring some buyers back in the USD on a safe haven basis. The best way to play this is being offered by the GBP/USD, which has come into the 23.6% Fib retracement of the move from the 1.6330 triple top, at 1.52. Historical resistance at 1.5220 should thus contain prices and this is a signal for short term PUTS at 1.5215. These can be taken on an hourly basis, or using end of day expiries for the Friday close.
    Great idea and initially it looks to be also a successful trade! In longer term I think the GBP outlook is more bullish than bearish!

  10. #10
    Legendry Member milos's Avatar
    Today currency pair gbp/usd daily range in channel 1,51780-1,52190...By my opinion the price will be closed above 1,52000

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