GBP USD Poised to Turn Main Trend Up on Daily Chart

With markets closed in Great Britain, trading is light and choppy, butthis hasn’t stopped the British Pound from mounting a small gain thismorning. Pressure was on this market early but a better than expectedU.S. Housing Report turned the market around.  The daily swing chart indicates the market is in position to turn the main trend to up.

With markets closed in Great Britain, trading is light and choppy, but this hasn’t stopped the British Pound from mounting a small gain this morning. Pressure was on this market early but a better than expected U.S. Housing Report turned the market around.

Traders are now looking at this report as another sign of an impending recovery in the U.S. economy and another reason to increase demand for more risky assets.

Gains could be tempered today because of the thin trading conditions and also because of the lingering contraction in the U.K. economy and its widening budget deficit.

Technically, this market is poised to turn the main trend to up on the daily chart on a trader through the last swing top at 1.5068.

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More

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