In the next couple of trading sessions, traders are expecting a range bound market as there aren't any significant economic reports to be released until the interest rate statements from the BOE and ECB, and the US Non-Farm Payroll release on Friday. We do have a couple of reports out of the UK that may be significant - Industrial Production and Manufacturing Production - both of which are released at 4:30 am EST.
Both not considered major market movers, but they may cause enough stir to hit a support and resistance point.
Short 1 lot GBP/USD at 1.9820, stop at 1.9860, pt1 at 1.9780, pt2 at 1.9760
Long 1 lot GBP/USD at 1.9660, stop at 1.9620, pt1 at 1.9700, pt2 at 1.9720
Good luck and good trading!
- Pick of the Day: EUR/JPY 23:00 29 May 2006
- Pick of the Day: USD/CHF 23:55 01 November 2006
- Pick of the Day: GBP/USD 22:49 05 July 2006
- Pick of the Day: GBP/USD 03:25 30 November 2006
- Pick of the Day: GBP/USD 22:22 12 June 2006