EURJPY was our main play for today. Primarily because it provided opportunities for greater profits today.
Forex Charts
Forex Charts
Pounds sterling on a free fall again as UK’s trade balance fails market expectation. This further highlighted the forex market apprehension on the UK economy and the pound sterlings.
Today’s analysis shows that the sterling is at a crossroad. We are beginning to see a head and shoulders formation from the 4-hourly timeframe as shown on price chart at 1.6516 resistance line. Linear Regression still looks bullish but will the pair break out of this range?
LONDON: Is it all that began well ends well? If this is true, GBPUSD may yet have a lot to do to prove this statement today. On Frankfurt open at 0600, the cable, GBPUSD rose mildly to 1.6326 from 1.6290 having traded lower from Friday’s session on Asian overnight trades.
What a difference a day makes. Isn’t it ironic that yesterday we were talking about the 1.6560 levels for a possible further up trend? Well as always, events outside the marketplace seem to always have a way of buffetting market setups in the wrong direction.
GBPUSD is powering ahead today from yesterday’s low of 1.6204 and is now testing strong resistance of 1.6560.
Just a few hours before the markets open the pound traded to $1.65 for the first time since the new year – a feat we have not seen since October 30th, 2008.
It started so well today with the market setting up for intraday rally. So it did with minimal news to sway opinion any other way. As analyzed in our earlier post, “Cable Analysis” below, the market broke the 38 and 50% resistance barriers on the Fibonacci numbers reaching the 1.4600, (over 40-pips above our expected level).
Cable sets itself up for an early morning rise. After a dip from New York trading session yesterday, the GBPUSD found its bearing from Asian trading hours which saw the pair traded up again to setup this morning opportunities.
Another rate cut? How well has previous cuts moved the economic barometer favorably? Keeping interest rates high has been the allure of foreign money through investments. With heavy borrowing and interest rates gone, is it surprising that the value of the pounds, GBP have shrunk? What is even pothering is why the BoE would want to unsettle things further.
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EURJPY was our main play for today. Primarily because it provided opportunities for greater profits today.
Pounds sterling on a free fall again as UK’s trade balance fails market expectation. This further highlighted the forex market apprehension on the UK economy and the pound sterlings.
Today’s analysis shows that the sterling is at a crossroad. We are beginning to see a head and shoulders formation from the 4-hourly timeframe as shown on price chart at 1.6516 resistance line. Linear Regression still looks bullish but will the pair break out of this range?
LONDON: Is it all that began well ends well? If this is true, GBPUSD may yet have a lot to do to prove this statement today. On Frankfurt open at 0600, the cable, GBPUSD rose mildly to 1.6326 from 1.6290 having traded lower from Friday’s session on Asian overnight trades.
What a difference a day makes. Isn’t it ironic that yesterday we were talking about the 1.6560 levels for a possible further up trend? Well as always, events outside the marketplace seem to always have a way of buffetting market setups in the wrong direction.
GBPUSD Risks Sentiment Rises To 1.70
GBPUSD is powering ahead today from yesterday’s low of 1.6204 and is now testing strong resistance of 1.6560.
Just a few hours before the markets open the pound traded to $1.65 for the first time since the new year – a feat we have not seen since October 30th, 2008.
Cable’s Intraday Gain Evaporates
It started so well today with the market setting up for intraday rally. So it did with minimal news to sway opinion any other way. As analyzed in our earlier post, “Cable Analysis” below, the market broke the 38 and 50% resistance barriers on the Fibonacci numbers reaching the 1.4600, (over 40-pips above our expected level).
Cable sets itself up for an early morning rise. After a dip from New York trading session yesterday, the GBPUSD found its bearing from Asian trading hours which saw the pair traded up again to setup this morning opportunities.
Another rate cut? How well has previous cuts moved the economic barometer favorably? Keeping interest rates high has been the allure of foreign money through investments. With heavy borrowing and interest rates gone, is it surprising that the value of the pounds, GBP have shrunk? What is even pothering is why the BoE would want to unsettle things further.
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