Today’s GBPUSD play would highly depend on the preliminary quarterly GDP reports today. If this news come in trumps we might see a market reaction pushing for yesterday’s high and possibly 1.6600 mark. But any negative report should set the tone for a possible 1.6330 again.
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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.
Today could be call “the day the wheel fell off” on cable, GBPUSD as it took one step forward and three strides back in its trading activities today on economic reports. Is this the true state of our economy?
What a day to trade forex market. Certainly not for the faint herated… My limit order eventually came good in the end. The volatility of the GBP/JPY was certainly not for the inexperienced. At the time of this writing the pair has climbed back down to to the 236.47/55 from a daily hi-237.24
How did you do with the EUR/USD and Cable? I usually do not trade on the longer term trend but could not resist this one. So I played it with low stake, $10. So far, it has raked in this amount of pips, (almost 900 if position were to closed today @1.2928).
Forex is a short form of Foreign Exchange and it is a speculative market where each currency pair are traded on the spot. Mildly put it is an auction where sellers are asking for certain prices against a buyer’s bid price. The high liquidity of the market means that you will always have buyers/sellers 24/6 of the week.