GBPUSD

Forex Trading: GBPUSD breaks below closing level and stops hit....Down on the day

Greg Michalowski — Thu, 04 Sep 2008 10:28:30 -0400

GBPJPY selling helps the move down. Dollar bullishness continues.

Forex Trading :GBPUSD approaching support at yesterdays closing level

Greg Michalowski — Thu, 04 Sep 2008 10:07:29 -0400

The GBPUSD is approaching support at 1.7767. I would expect intraday buyers against stops below.

Forex Trading: GBPUSD consolidating. Being up on the day is a result

Greg Michalowski — Thu, 04 Sep 2008 09:37:21 -0400

20 of 24 days have been down for the GBPUSD. The pair is currently up on the day (closed at 1.7767), I would expect that traders will buy dips against a stop below yesterdays closing level. The odds have to favor a rebound today.

On the upside a target level would be the 100 hour moving average which is coming down as the pair consolidates. The current 100 hour moving average comes in at 1.7908 and is losing around 5 pips per hour. Watch resistance at the moving average today. A break will target higher levels.

Forex Trading: GBPUSD trading is difficult as market is in hands of nervous traders

Greg Michalowski — Tue, 02 Sep 2008 11:56:07 -0400

The GBPUSD moved below bottom retracement level of 1.7934 which made me weary of the direction. The market is very choppy suggesting that the trading is in the hands of nervous traders. As a result, I am skeptical of moves in either direction. until that time when the direction becomes more clear.

Forex Trading: GBPUSD moves higher but running into sellers

Greg Michalowski — Tue, 02 Sep 2008 11:15:08 -0400

The GBPUSD did in fact move higher off the lows on short covering/bottom pickers (SEE EARLIER POST FOR THE SETUP). The pair ran into initial resistance at the 1.7869 level, reaching a high of 1.7870 then 1.7872 before moving down to 1.7845 in choppy trading. The next move up propelled the pair to a high of 1.7888 for the day as shorts covered.

Forex Trading: GBPUSD liquidates. Down for 18 of 23 days

Greg Michalowski — Tue, 02 Sep 2008 09:26:07 -0400

The GBPUSD is down again today as the further liquidation takes place in the pair. The pair has been down for 18 of 23 days now and 7 of the last 8 days (including today). Like the EURUSD it is hard to pick a bottom. However, the pair is oversold and could be subject to a bounce soon on profit taking from the shorts. However, care should be in order with a tight stop below the lows today, as the bearishness is hard to ignore.

Forex Trading: GBPUSD Technical Update. Breaks 1.8000

Greg Michalowski — Mon, 01 Sep 2008 09:32:32 -0400

The GBPUSD has been pushing the key 1.8000 level but has found support at the lever. There are reports of a 1.8000 option barrier at the level which may keep a floor in place for the time being. The GPPUSD has not been this low since April of 2006.

Forex Today: Forex and oil to react to Hurricane Gustav. US on Holiday to contribute to choppy markets

Greg Michalowski — Mon, 01 Sep 2008 09:03:08 -0400

With the US on Holiday for the Labor Day holiday, the market activity will focus on Hurricane Gustav as it bears down on New Orleans.

Of course the reports are that the track of the path will avoid the refineries. As a result, the price of oil is down. Although it is too early to make any conclusionsas to the longer term trend in the oil market, what we can say is the reaction of the oil market so far has been quite surprising and suggest that the oil market seems to have enough supply to meet the demand in a slowing global economy.

Focus will most likely shift toward what type of damage the storm creates and what will be the implications for the US economy as a result of it.

Forex Trading News: GBPUSD Plummets to Over 2-Year Low on UK Economy Troubles

Mr. Danish FX — Mon, 01 Sep 2008 01:39:35 -0400

Behind Britain's Finance Minister Darling saying that the UK's economic downturn may be the worst in 60 years, the GBPUSD fell to levels not traded at since April, 2006. Darling added that this downturn may be deeper and last longer than originally feared. The GBP is down across the board behind these comments as the USD has firmed up significantly vs. its counters.

Forex Trading: Dollar buying picking up steam

Greg Michalowski — Fri, 29 Aug 2008 12:00:38 -0400

The dollar buying is picking up steam. USDCAD which has been the currency of the day, broke through the 1.0606 level and is now using the level as support.

EURUSD sold off through the 1.4666 level. Traders will be watching this level now. The pair broke through key support at the 1.4708 level earlier (see earlier post) and moved sharply lower away from it.