| Sep 2 2010, 22:18:28 GMT | Sydney: | 08:18 | Tokyo: | 07:18 | Barcelona: | 00:18 | London: | 23:18 | New York: | 18:18 | San Francisco: | 15:18 |
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British Pound traders did not have much to go on today. Trading was thin and volume extremely light. Traders have either taken an early holiday or are waiting for the U.S. Unemployment report on July 2nd.
With July 3rd a U.S. holiday, my feeling is that trading conditions will worsen as the week moves on. It's hard to believe that traders will take the early part of the week off and expect to pick it up on Non-Farm Payroll Day with a market holiday one day later.
Two main tops at 1.6621 to 1.6663 are holding the market back at this time. These two tops were made earlier in the month. Traders seem reluctant to buy strength as a major Fibonacci retracement price at 1.6944 can repel any attempt to breakout.
The last key swing is 1.5801 to 1.6621. This range has formed a retracement zone at 1.6211 to 1.611. This area is providing the support at this time.
If this pair is topping then this area will have to fail first in order to force the weaker longs out of the market.
Trading foreign exchange on the margin carries a high level of risk, and may not be suitable for all investors. The high degree of
leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider
your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some
or all of your initial investment and therefore should not invest money that you cannot afford to lose. You should be aware of
all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
