Forex Trading Latest News » GBP

Forex: EUR/GBP suffers sharp reversal

Globals Forex — Thu, 05 May 2011 17:19:30 +0000

The EUR/GBP is on its way to the biggest daily drop in months after a sharp reversal. The pair reached a fresh 14-month high at 0.9041 but lost bullish momentum, started to fell and accelerated the downside after Trichet’s press conference. The Euro retreated 170 pips from the highs and bottomed so far at 0.8865, currently trades near session lows unable to trim losses.

The Bank of England and the European Central Bank left rates unchanged earlier but Jean-Claude Trichet in a press conference signaled that the bank will maintain current rate levels in the next meeting triggering a sharp decline of the Euro across the board. Both currencies are trading lower against the Dollar but the common currency is falling at a fastest pace.

Forex: GBP/USD finds support at 1.6255

Globals Forex — Sat, 29 Aug 2009 07:41:45 +0000

Cable fell so far during the American session against the Dollar erasing previous gains. Current price at 1.6277/79 is only 0.03% above today’s opening price. GBP/USD failed earlier to hold above 1.6300 and weakened, falling to 1.6255, posting a fresh intra-day low.

Against the Euro and the Swiss Franc, Cable is rising for the first time in more than a week. GBP/CHF is holding above 1.7200 but the pair retreated from intra-day high at 1.7305. EUR/GBP is back below 0.8800. The pair fell and found support at 0.8775.

James Chen, Chief analyst at FX Solutions, comments: “After traversing up a dramatically steep parallel uptrend channel for the past week and a half, price action on EUR/GBP, a 4-hour chart of which is shown, has finally shown signs of a potential bullish exhaustion by making a tentative breakdown below the channel. This occurs after price hit a 12-week high of 0.8837 on Thursday. With continued bearishness on this breakdown, a clear initial support target to the downside resides around the 0.8700 price region.”

GBP/USD remains strong despite sentiment downturn

Globals Forex — Sat, 15 Aug 2009 08:49:22 +0000

Despite risk aversion rally, GBP/USD remains the strongest currency across the board holding comfortable above 1.6500/1.6520 area. Still in an upside trend, pair has remained bullish since past Mach; consolidating in a 600 pips range since early June, false break that send the pair above 1.7000, offered a strong and quick retracement that lead the pair back into range.

To the upside, pair needs to regain 1.6660 level, and above, yearly high of 1.7030 to extend the long term trend. To the downside, ascendant trend line around 1.6440 will be fist key support to consider, ahead of base of mentioned range, around 1.6200, and then 1.6000. If this last gives up, long term bias will change, with next support at 1.5750.

Dollar stronger on falling stocks

Globals Forex — Sat, 15 Aug 2009 07:50:39 +0000

U.S. indexes continue falling, with Dow Jones industrial Average down 1.53% and S&P 500 1.57% down. Dollar is stronger across the board, except against Japanese Yen, with EUR/USD printing a fresh daily low so far of 1.4208, while GBP/USD keeps holding above 1.6520 zone, as risk aversion regains trading desks after worst than expected UOM Consumer Confidence data.

Commodity currencies are the major losers today, with AUD/USD down from 0.8478 highs to 0.8300 and USD/CAD reaching 1.0948 from an intraday low of 1.0812. NZD/USD also fell after printing an 11-month high of 0.6884, and quotes around 0.6775