The Advisor Weblog

Best pair to trade now: GBP/USD

Posted: 23 Feb 2011 04:01 AM PST

Here is my first choice for today:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2011/02/23/02/

Starting the day

Posted: 23 Feb 2011 04:00 AM PST

Hi all and welcome. Majors are back on track after yesterday’s interrumption with EUR/USD approaching to 1.3745, past February 9th high and immediate resistance area, and GBP/USD also nearing strong 1.6270/80 zone. Stocks are slighly higher, yet far from weekly opening, while gold and oil are also regaining some ground.

While the two European currencies find support in future rate hikes, risk aversion is not fully over, and CHF and JPY are the choosen currencies, with both near year high against dollar; anyway you see it, dollar is weak and despite some runs, strength is not yet meant to last.

Here is the link for todays' calendar:

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

Have a great day!