Tuesday, February 7, 2012

Forex pairs to observe



There is not to many pairs im currently looking at. The only two that caught my attention at the moment was Gbp.Usd and Eur.gbp. Iam staying away from most pairs at this point until better opportunities arises. I sense the market is still nervous with all the tension going on in the world, from Europe to Middle East and let’s not forget all those fundamentals coming out. For now...


Gbp.USd
I re-entered Gbp.Usd this morning shortly after I got stopped out. The market found support around 1.5720’s. I still believe this pair will rally towards the north only because the bulls made a new high and broke through the downwards trend line. The pair is currently retracing to meet its left tip around 1.5750 where I anticipate this pair to find support and continue further north. Keep in mind this pair has big fundamentals coming out on Thursday that can swing this pair south and back into the channel.

Eur.Gbp

This is definitely an interesting pair to observe at the moment. It broke through the upwards trend line last week and is currently sitting at small support levels around 0.8280. The interesting thing to note on this pair is that resistance levels are getting closer and closer towards support, so anticipate a break out towards the south from this descending triangle. The confirmation of the break out will happen once the bears take out the low at 0.8262. If the bears fail to take out that low I will stop looking for short opportunities here. If the break out does occur the bears will be after the low around 0.8220’s area.

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