ForexPros Daily Analysis July 21, 2011
Free webinar on ForexPros - Developing Traders State of Mind: The 5 Essential Skills to Peak Performance Trading
Expert: Rande Howell
Start: Mon, Jul 25, 2011, 10:00 EDT
End: Mon, Jul 25, 2011, 11:00 EDT
Developing an effective mindset specifically for trading is often the missing element in a trading plan and becomes the barrier to desired success. It is this blindness to the inner game of trading that stops the trader from having a breakthrough in achieving his potential. After endlessly crafting a methodology and platform into a trading plan that should give him (or her) an edge in the markets, the serious trader acknowledges that the problem in his quest for success is him (not his trading plan) and his psychology that actually puts his trading plan into play.
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Higher-lows pattern in GBP/USD
GBP/USD
The pound resumed strengthening against the USD, and made a “higher-lows” pattern (blue lines). The MPC meeting minutes was publish yesterday, and showed no change in the vote about the interest rate. Today is publishing the private sector net borrowing, which expected to be lower than the previous data, so the GBP might get a negative momentum. The British retails sales are publish today as well.
On the technical aspect, the pound made a positive pattern that increases the chances for more risings. The 200 SMA supports the GBP at 1.604-1.605. The nearest resistance is at 1.62, and strong break-up there can launch the pound to 1.64.
GBP/JPY
The Japanese currency is about to break the “bear-flag” pattern in the daily chart of the USD/JPY, but the strengthening of the pound makes the GBP/JPY to stamp. The triangle pattern, which I analyzed on Tuesday, still appears, but the direction will be determined according to the way those currencies trade against the USD. A break-up of 128 can take the pound to 130, whereas a break-down of the lower edge of the triangle at 126.5, can slide to 125.
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Forex Trading analysis written by Bastian Rubben for Forexpros.
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Visit Forexpros new Forex Brokers Directory !
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Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
Free webinar on ForexPros - Developing Traders State of Mind: The 5 Essential Skills to Peak Performance Trading
Expert: Rande Howell
Start: Mon, Jul 25, 2011, 10:00 EDT
End: Mon, Jul 25, 2011, 11:00 EDT
Developing an effective mindset specifically for trading is often the missing element in a trading plan and becomes the barrier to desired success. It is this blindness to the inner game of trading that stops the trader from having a breakthrough in achieving his potential. After endlessly crafting a methodology and platform into a trading plan that should give him (or her) an edge in the markets, the serious trader acknowledges that the problem in his quest for success is him (not his trading plan) and his psychology that actually puts his trading plan into play.
Click here to join free
---
Higher-lows pattern in GBP/USD
GBP/USD
The pound resumed strengthening against the USD, and made a “higher-lows” pattern (blue lines). The MPC meeting minutes was publish yesterday, and showed no change in the vote about the interest rate. Today is publishing the private sector net borrowing, which expected to be lower than the previous data, so the GBP might get a negative momentum. The British retails sales are publish today as well.
On the technical aspect, the pound made a positive pattern that increases the chances for more risings. The 200 SMA supports the GBP at 1.604-1.605. The nearest resistance is at 1.62, and strong break-up there can launch the pound to 1.64.
GBP/JPY
The Japanese currency is about to break the “bear-flag” pattern in the daily chart of the USD/JPY, but the strengthening of the pound makes the GBP/JPY to stamp. The triangle pattern, which I analyzed on Tuesday, still appears, but the direction will be determined according to the way those currencies trade against the USD. A break-up of 128 can take the pound to 130, whereas a break-down of the lower edge of the triangle at 126.5, can slide to 125.
---
Forex Trading analysis written by Bastian Rubben for Forexpros.
---
Visit Forexpros new Forex Brokers Directory !
---
Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.