Interbank exchange rates for most currency today.
gbp-usd
Posts Tagged ‘gbp-usd’
GBPUSD is powering ahead today from yesterday’s low of 1.6204 and is now testing strong resistance of 1.6560.
The GBP USD, cable has been under immerse pressure in the last few month because of the closed UK economic link to the US. At a point the market had shed over 400 pips from Friday’s trading session.
Yesterday session saw a very stale trading day with most currency pairs trading within themselves sideways. Not even the Asian market could-start or alter direction in the overnight trades. Yesterday is in the tomb and today is all we have right now but how will it go?
The British pound sterlings saw reversal from last week’s budding trend this morning. Forex traders began Cable, GBP/USD sell-off in the Asian and Pacific market sessions of the early hours of today. The shorts remained intact through Euro and US trading Sessions all afternoon.
The recent weeks of market turmoil has created a dim financial market outlook for the future and that includes the forex market. Should that bother you as a forex trader and how does this impact on your forex trading? Well, a great deal perhaps. The subprime challenges, capital and equity markets, consumer spending all these were significantly affected. These in turn affect the interest rates, the macro economics and reports which delivered to measure the health of our countries’ economies.
I was anticipating a GBP/USD breakout on the downside at 1.7560/75 range. So it did. Although this did not happen when I had wanted it but my patient eventually paid off. I manage to get in at 1.7552 after it broke my trendline for the second time in an hour. I rode it and exited at 1.7408.