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Daily Forex Market Commentary:
On Wall Street today markets were closed due to the President’s Day bank holiday.
Stocks will likely have trouble making any decent gains the rest of this week if European finance ministers cannot reassure world markets that they can contain Greece’s debt problems.
The fear is that Greece’s problems could spread to other countries as cash-strapped governments around the world continue to try and spend their way out of the recession which is causing a mountain of public debt.
Currencies:
The U.S. dollar saw very little movement today in the major currency pairs as the bank holiday in the U.S. limited FX market movement.
The dollar did manage to push out small gains against the Euro, Pound, and Swiss Franc while losing slightly to the Yen, Aussie dollar, Cad. Dollar, and New Zealand dollar.
Currency pair in focus: GBP/USD
Today’s feature currency pair is the GBPUSD. Specifically we are analyzing the inside bar that formed today and the possible scenarios that may unfold over the coming trading days.
We can see a strong resistance zone between 1.5750-1.5850. It is possible that price may break up from the inside bar setup that formed today and re-test this resistance resulting in a fakey setup. It may just re-test the resistance without resulting in a fakey as well.
Alternatively, price may just break down from the low of today’s inside bar near 1.5610 and resume the downward price movement. Inside bar price action setups usually give rise to a great trend continuation move either through a fakey price action setup or from a break out in the direction of the trend.
For a more in-depth analysis of the major forex currency pairs as well as price action setups take my forex price action educational trading course.
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