The GBP USD surged to the upside overnight despite news that
the U.K. economy shrank more than previously forecast.The U.K. Gross Domestic Product report showed
that during the first quarter the economy suffered its biggest contraction
since 1958.Weakness was seen across the
board in the economy as everything from construction to services showed some
sort of weakness.
The three-month long rise in the British Pound has defied
most analysts who are in the same camp as Bank of England Governor Mervyn King
who believes that the road to recovery will be long and hard.Even if the global economy is beginning to
bottom, the U.K. economy still faces rising unemployment.This is a lagging indicator, but if
unemployment continues to march higher then eventually consumer spending will
suffer.If consumer spending falls along
with confidence then the economic recovery may slow considerably.
Once again sellers repelled the EUR USD as it attempted to
run stops over the last main swing top at 1.4177.The subsequent closing price reversal top and
close under a key retracement zone at 1.4042 to 1.4112 are indications that
this break may have attracted some real selling pressure.
A follow-through to the down side tomorrow is needed to
confirm the reversal top.If this
pattern is verified, then look for a minimum retracement to 1.3950 to
The main trend remained up in the USD CAD as a downward
reversal in crude oil prices weakened the Canadian Dollar.Weak Canadian economic news combined with a
drop in U.S. Consumer Confidence also helped pressure the Canadian Dollar.
Technically, this pair is poised to continue to rally with a
Main Top at 1.1813 the first upside target followed by a major 50% retracement
level at 1.1922.On the downside,
trailing retracement support comes in at 1.1289 to 1.1207.A test of these levels would not turn the
main trend to down, but would instead set up a buying zone.
Following an attempted breakout over the last main top
at.8117, the AUD USD ran into another layer of resistance at .8238 and
.8264.Trader aversion to risk grew as
the New York trading session progressed. By the end of the trading session,
this market produced a closing price reversal top, signaling the start of a
The NZD UZD failed to break out to the upside as it ran into
resistance at a 50% retracement price at .6553 and a previous main top at
.6590.These resistance points triggered
intraday selling pressure which created a closing price reversal top
formation.A follow-through to the
downside tomorrow will indicate the possible start of a decline to .6211.After it was reported that U.S. Consumer
Confidence had dropped; traders sold risky assets including the New Zealand
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
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The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.
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The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.
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Global-View.com also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at Global-View.com. This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.
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