Forex Trade Setups Commentary: GBPUSD Rejects Key Support, 28th August 2012

Posted on

Trading Setups / Chart in Focus:


The GBPUSD found support today just below 1.5770 as it rotated down into that key level and then bounced higher forming a bullish pin bar reversal setup in the process. We’ve been talking about this key 1.5770 support area for some time now in recent commentaries and given the significance of this level recently it’s no surprise to see this bounce today. Trading price action setups from key levels like this is one of the core principles I teach in my price action trading course and members’ area. We could see higher prices if this market can remain buoyant in the near-term.


Check out my latest trading lesson: What To Do When the Markets Are Slow

August Special Promotion- This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.

Forex Commentary:

In the currency markets today, the euro moved higher against the U.S. dollar on the back of hopes for new measures by the European Central Bank to help contain the euro-zone debt crisis, as well as continued expectations of new stimulus from the U.S. Federal Reserve bank.

The Australian dollar moved to a near 5-week low against the U.S. dollar on the back of concerns about a slow-down in China’s economy.

The U.S. dollar was lower against most of the majors today, except for the New Zealand dollar which it gained modestly on.

Other Markets:

In the U.S. markets today, stocks closed the day essentially unchanged in what were light trading conditions again. Mixed economic data provided little reason for the markets to make any big moves today.

The Dow lost 21.68 points, or 0.17 percent, the S&P 500 dropped 1.14 points, or 0.08 percent, and the Nasdaq dropped 3.95 points, or 0.13 percent.

Upcoming important economic announcements (New York time): 08/29/2012

8:30am EST: United States – Prelim GDP q/q
10:00am EST: United States – Pending Home Sales m/m
9:00pm EST: New Zealand – NBNZ Business Confidence
9:30pm EST: Australia – Building Approvals m/m
9:30pm EST: Australia – Private Capital Expenditure q/q

One Comment - Click Here to Leave a Comment

  1. fx dreamer says:

    I have my targets at 1.5950

Leave a Comment

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Disclaimer: Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Learn To Trade The Market Pty Ltd, it's employees, directors or fellow members. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, spot forex, cfd's, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.

High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.

Copyright 2008-2014 Learn To Trade The Market