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Technical, Fundamental Factors Hold GBP USD Range bound

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Oct 5, 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 continued to trade inside of the September 30 outside range day at 1.5922 to 1.5668. This pattern has temporarily frozen the trade as traders await the latest monetary policy statement from the Bank of England on October 7. A pair of Gann angles is also forming a triangle between 1.5895 and 1.5676. This formation is also helping to confine trading activity.

    If Monday was any clue, then traders should look for much of the same action until the central bank meeting. In addition, the release of the U.S. Non-Farm Payrolls Report on Friday may also keep traders on the sidelines.

    British Pound speculators are focusing on the possibility members of the BoE are leaning toward restarting the bank’s quantitative-easing program.

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

    Disclaimer: Trading foreign exchange on the margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should not invest money that you cannot afford to lose.

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