The Advisor Weblog

Best pair to trade now: GBP/USD

Posted: 28 Jan 2011 03:20 AM PST

Here is my first choice for today:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2011/01/28/02/

Starting the day

Posted: 28 Jan 2011 02:28 AM PST

Hi everyone and welcome back. Consolidation extends in forex market, as only Pound is showing some intraday movements, while the rest of the major crosses quote around past Asian session opening. Volume is quite thin, pretty weird for a January Friday, yet not impossible; in fact, low volumes had been seem since early this week. Anyway, EUR/USD consolidates above 1.3700, picking up from 1.3680 daily low, again finding support in the 20 SMA in the 4 hours chart. GBP/USD on contrary holds the bearish tone as the cross consolidates below 1.5900 price zone.

Swiss Franc and Japanese hold on to strength against greenback, while AUD and CAD are recovering from early loses, as commodities do so.

We have the US advanced GDP today, so here is the link for the calendar:

http://www.fxstreet.com/fundamental/economic-calendar/

Have a great day!