MP FOREX ADVISORY

Archive for the ‘GBP/USD’ Category

Today we were able to cature some good profit by capitalizing on the choppy price action in both the EUR/USD and the GBP/USD.  After retracing back to near the 1.5200 level near the beginning of the week, the GBP/USD has sunk below 1.5000 again today and appears to be headed for more declines.  If the 1.4934 level gives way, we are looking for further declines possibly down to near the 1.4800 level before the end of the week.  We will be monitoring the British Manufacturing numbers, which will be released early tomorrow morning. 

We started the new month off on a good note today as we bagged some profit in a series of short trades in the EUR/JPY and in the GBP/USD.  We are approaching the market with an abundance of caution as we continue to see extremely high levels of volatility.  Today, the GBP/USD fell more than 400 pips to a 10 month low due to political uncertainty in Great Britain. 

Today we entered short positions in the GBP/USD, the USD/JPY, and the EUR/USD, and we generated profits in all three pairs.  Today was yet another extremely volatile day with both the GBP/USD and the USD/JPY more than doubling  their respective recent daily average price movement. 

Today we traded three currency pairs (USD/JPY, GBP/USD, EUR/JPY), and we made some profit in all three pairs.  We had to be very discerning with our trades today as the market continues to be more volatile than normal.  Tomorrow morning, we look forward to some key news in the US, including Unemployment Claims, Core Durable Goods Orders, and the Testimony of Federal Reserve Chairman, Ben Bernanke.

Yesterday, we were able to bank some profit as we traded higher than normal volume – entering 4 different currecy pairs:  the EUR/USD, the AUD/NZD, the AUD/USD, and the GBP/USD.  By far, our best trades were our short positions in the EUR/USD.  Today, we have remained on the sidelines thus far as market volatility has remained much higher than normal right into the afternoon hours.  It appears that the Euro may be poised for further declines as we head into the Japanese and European sessions.  The critical area of support in the EUR/USD is around 1.3440 – the low registered on 2/18.