Forex Marketz Daily Forex News – Fully Markets Update
We are excitedly waiting for the economic strategy from England today. As our chief analyst reported in the video segment:
On the daily chart the Pound is showing on a continuing downward trend:
On the bearish pattern, we can see a support as high as 1.63510. Resistance is crumbling but is as low as 1.544. The GBPUSD is currently trading at 1.59908. This downward slide has been in motion since July of this year. Based on the reports coming out from England today we could see a steeper trend or a settling and possible reversal.
Looking at the 15 minute chart below, we see a nice classic wave pattern emerging for this month. At the start of November, the GBPUSD was at 1.600. It has traded as low a 1.58 and it is on the potential peak of another wave as 1.599. Look for the market reaction on this pair and investors could make a very nice profit on the potential reversal of the wave.
Traders should be cautious with regard to the reporting today as well as the opening USD markets. Traditionally this is a positive growth period in the markets starting at the traditional Remembrance Day (Memorial Day) on 11/11 and continuing through the Holiday Season.
