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Daily Forex Market Commentary:
On Wall Street today the Dow dropped 115.70 points as new economic reports are casting a negative view on the U.S. economic recovery. Specifically, U.S. unemployment claims increased more than expected last week and there was a disappointing report for core durable goods orders.
Elsewhere, world stock markets dropped after reports out of U.K casts doubts over the strength of the banking system there, and fiscal worries caused the euro to continue its multi-week slump against the U.S. dollar and other currencies.
Currencies:
The U.S. dollar closed higher against all major currencies except the Japanese Yen which it only lost about 8 pips too.
We saw some volatile moves in most of the U.S. dollar currency pairs as moves against the greenback were quickly met with intense selling pressure indicating the safe-haven currency is seeing a resurgence of strength in light of current global economic uncertainty.
Pair in focus: GBP/USD
Today’s chart features a look at a GBP/USD fakey setup that occurred today. We would target 1.5910 support on this setup and will follow it over the next few days to see how it plays out. There have been many profitable fakey signals as of late. For more information on the fakey setup and other great price action setups please check out my member’s section.
For a more in-depth analysis of the Major FX Pairs and Price Action Education please check out my Forex Educational Course.
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