PeterB’s daily view on cable 5th July 07

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Jul 5th 2007

PeterB forex 1 year, 1 month ago
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The cable is in a consolidation after the last bullish movement. It is in a range between 2,0150 and 2,0190. The volatility is low.Â
The price should findÂ support above 2,0130. The uptrend should continue to gather momentum. Today the BoE releases it decision on interest so expect some excitement.
Adjust yesterdays stop to 1.0120

I will add to yesterdays long position at 2,0150.

Put the stop loss below 2,0120 (-30 pips).

The targets are 2,0220 (+70 pips)

Every trade is dangerous, take care and use your stop loss. Trading at these levels
is very risky, Use very small lots.

The concensus is that the BoE will increase the interest rate by 25 points, and the market has for the most part factored it in hence the uptrend in the pound, but if it doesn’t then the pound will probably retrace.

Happy trading.

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4 Responses to “PeterB’s daily view on cable 5th July 07”

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1 Gunawan Jul 5th, 2007 at 1:30 am

dear sir,
it’s look like almost the same \with the signal from www.mataf.net. is he the same person??
2 JoseLeon Jul 5th, 2007 at 3:52 am

Be carefull today with the important news about gbp/usd at 7 a.m. NY time. This pair could go up or down a lot according to this news.
If the IRS is unchanged at 5,5% it will go down, to go up it would be great if the report is 6% or more.

Yen declined today against major e-currencies ahead of rate decisions by ECB and BoE and eur/usd is going up as I expected from yesterday.
My long positions with eur/jpy, aud/jpy, chf/jpy and nzd/jpy are going up, although gbp/jpy seems to fall now but I will take my long position: I see this pair going up these days.

Pay attention today at the news, we have high impact news from GBP, EUR, USD and CAD.
3 nobsforex Jul 5th, 2007 at 8:23 pm

Technical traders wins for the day of the interest rate change
4 JoseLeon Jul 6th, 2007 at 4:54 am

Ha ha Jude,
well, I see that gbp/usd went long and I gained 50 pips

I closed my positive gbp/usd position before news (very risky) and paid attention to its behavior. Then when I confirmed that it was going long I opened that position and exited before going down, 50 pips was enough in this case for me.