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GBP USD Recovers into Close; Needs to Hold Gann Angle to Sustain Rally

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Oct 12, 2010.

  1. forextrends24

    forextrends24 New Member

    Mar 27, 2009
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    Today’s sample of Forex Analysis from ForexHound.com

    The GBP USD was under pressure most of the trading session on Tuesday, but recovered into the close to finish off the low.

    The early weakness in the Sterling was caused by a government report stating that British consumer prices were steady in September. This report did little to clarify whether the Bank of England will undertake another round of quantitative easing to boost a slowing economy.

    Earlier in the month on October 7, the BoE refrained from increasing QE, opting instead to continue to monitor the economic indicators. Since Tuesday’s report was inline with expectations, nothing can be concluded at this time regarding the central bank’s next move.

    Read full article at ForexHound.com as well more Forex Trading articles including Forex Technical Analysis and Forex Education

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