GBP/USD Today – Outlook 2012/10/01

October 1, 2012 in Forex Analysis

GBP/USD Today – 2012/10/01

GBP/USD seems to be coming out of the range after failing to break the recent high of 1.6309. The recent high was slightly higher than the previous 1.6301 of April 1st but the currency pair could not sustain the break.

As we had mentioned in our weekend forecast page also, we now expect further consolidation towards 1.6000/1.5990 or the 55-day EMA support. 1.6000 level should bring the psychological support but we expect that to break for a possible move towards 1.5950 in the coming days. Such a move would represent the 38.2% retracement of the recent upward gains.

Please check the GBP/USD weekly outlook also.

GBP/USD Daily Chart:

 

GBP/USD daily chart October 1, 2012

 

2 responses to GBP/USD Today – Outlook 2012/10/01

  1. trading is like a university edaiotcun, it requires on the order of 10 to 20 years to become proficient and you have to be ready to accept it as a full time career. With that said, the broker that I use is oanda. I use this broker mainly because it allows smaller lot sizes which allows me to be very flexible with my exposure.My recommendation- do not trade with less than 50k account. Do not trade live until you have risk capital (money that you will not need or regret losing) or minimum few years on paper accounts. research is a huge topic. Do not fall for technical analysis, it works in some situations, but the best bet would be to read the prices correctly via price patterns and timing. Do not trade during non farm payrolls or during tokyo and NY lunch hour. Trade during the overlap of US UK sessions for best liquidity. Watch for inflation levels, what central bankers say (and if what they are saying is just a warning or if they are serious about it).For example you would want to monitor the japanese central bank decisions right now because their is strong enough to make their bank sell it to lower the price to keep exports competitive. For CAD, watch for gold prices (oil is their major export). ect.FINALLY: the only way to make money in safely is with law of large numbers in terms of capitalization. You have to have an account upwards of 50 mil, so this is not a get rich quick thing. The real money lies in market making and dealing.

  2. Ecnoomies are in dire straits, but I can count on this!

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