As we look at the end of week review for the trading week ending Friday August 21, it is apparent that the British Pound has experienced a very volatile trading week. The British currency has moved on a number of factors, and I want you forex traders to take advantage of the GBP now.
Despite falling yesterday, the GBP/USD pair is already up 20 pips today at 1.6465. The GBP/JPY cross is also trading higher by 60 pips at the 154.50 level in early Friday trading. This behavior may be due to overselling of the British Pound in recent days. Many analysts predict that the GBP may make a mini recovery today.
I recommend you traders follow U.S. Home Sales and Federal Reserve Chairman Ben Bernanke’s speech at 14:00 GMT, as optimistic results may lead to higher risk appetite in the forex market. This would mean that traders could buy riskier currencies, such as the GBP, as they intend to make big end-of-week profits.
You may be wondering how the GBP can recover today after such a turbulent week. The truth is the British currency still is very fragile. However, if we look at the bigger picture, since the start of the financial crisis the GBP has fallen dramatically. Therefore, talking of a bullish GBP today doesn’t seem unreasonable at all.
You can read my other postings on the GBP CAMPAIGN on the ForexYard blog to get even more insight into the British Pound. In addition, you can also start trading over 30 currency crosses and top commodities now by opening an account with us. As of now, open your GBP positions en masse to profit from today’s trading.
