The Advisor Weblog

Best pair to trade now GBP/USD

Posted: 14 Mar 2011 03:42 AM PDT

Here is my first choice for today:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2011/03/14/02/

Starting the day

Posted: 14 Mar 2011 03:25 AM PDT

Hi everyone, and welcome back! as comment during the Weekly opening Live coverage, Japan’s nuclear plant leaks shocked the markets over the weekend, with majors´ starting the journey with strong gaps, most of them already filled. Euro managed to rise since early Europe, as despite Greece’s default risk, bond yield spreads between Germany and the peripheral countries had narrowed today, leaving EUR/USD supported above 1.3900, challenging now the 1.3950 area. GBP/USD also managed to rise, reaching 1.6100, where 20 SMA in the 4 hours chart is acting as dynamic resistance right now; only above 1.6120 pair bullish momentum could be a bit more firm.

Swiss franc and Canadian dollar strength remains intact, with both currencies near recent yearly highs against greenback, while USD/JPY struggles just below 82.00. BOJ left rates unchanged, floating between 0.00% and 0.10% and announced next April the decision will be reflecting recent tragedy.

Anyway, will start with the technicals now; here is the link for the calendar:

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

Have a great day!