Back From the Forex Dead
Okay, I really mean it this time.
I'm back.
I've missed quite a bit in my absence, from the cessation of the Fed's seemingly relentless interest rate hike campaign to crude's rise on fears of political instability in (where else?) the Middle East to crude's latest trip below 70$ a barrel. Rather than spend an inordinate amount of time on getting caught up on the goings on, I'm just plunging right back into it.
US Consumer Confidence data was released today, and apparently, US consumers have NO confidence. The lower than expected 99.6 for August is the lowest since last November. This sent the GBP/USD pair 100 pips lower before the release of the minutes from the Fed's August 8th meeting sent 100 pips higher again, back to where it began the day.
Tomorrow sees the release of premliminary Q2 GDP at 0830 EST, with the market expecting 3.0% growth. The people at 4Cast don't see the Cable doing much tomorrow, maybe even slipping a little. I agree, seeing that the Sterling is near the 100% Fib retracement of the early April low. I'm putting an order in to sell if the pair hits 1.9022, with a take-profit of 1.9002 and a stop-loss of 1.9042.
Here's hoping for a successful return.
I'm back.
I've missed quite a bit in my absence, from the cessation of the Fed's seemingly relentless interest rate hike campaign to crude's rise on fears of political instability in (where else?) the Middle East to crude's latest trip below 70$ a barrel. Rather than spend an inordinate amount of time on getting caught up on the goings on, I'm just plunging right back into it.
US Consumer Confidence data was released today, and apparently, US consumers have NO confidence. The lower than expected 99.6 for August is the lowest since last November. This sent the GBP/USD pair 100 pips lower before the release of the minutes from the Fed's August 8th meeting sent 100 pips higher again, back to where it began the day.
Tomorrow sees the release of premliminary Q2 GDP at 0830 EST, with the market expecting 3.0% growth. The people at 4Cast don't see the Cable doing much tomorrow, maybe even slipping a little. I agree, seeing that the Sterling is near the 100% Fib retracement of the early April low. I'm putting an order in to sell if the pair hits 1.9022, with a take-profit of 1.9002 and a stop-loss of 1.9042.
Here's hoping for a successful return.
posted by Young Pip at 9:59 PM
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