Sterling was once again the flavour of the month for a day or so as we bounced off the support levels one more time. We are now near the highs of the recent ranges so we are seeing some solid selling on the basis (not unreasonably) that we might just go straight back down again.
The major currency crosses have got themselves into something of a rut with very small trading ranges by recent standards.
FX Spread Betting, 19 Jun 08
Punters have been making hay on the move in the FTSE and Sterling over the past few weeks basically selling the UK index and trading the ranges on the Pound/Dollar cross.
Every time the pound looks to be in danger of a fall to below $1.94 buyers come in and take it back up to around $1.98 to $2.00.
Cable has been in a falling wedge formation since November last year and we are now approaching the narrow part of the ‘wedge’. Analysts will be looking for a break out (currently around $1.9730 to the up side and $1.9380 to the down) to potentially give an indication of the next major move direction.
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FX Spread Betting, 16 Jun 08
A big week in the Forex markets saw Ben Bernanke fighting inflation and the dollar’s biggest weekly gain in 3 years.
The USD gained 2.3% against the trade-weighted basket of currencies, closing the week GBP/USD $1.95 and USD/JPY ¥107.90.
Ireland's 'Non' to the European Treaty saw the Euro drop. It ended the week at EUR/USD $1.5380 and EUR/GBP £0.789.
FX Spread Betting, 13 Jun 08
The Forex markets are showing sterling weakness once again versus the dollar but the cross rate has not challenged the strong support range between 1.9350 and 1.9425 yet so sterling bulls can remain hopeful that the trading range of 1.9350 to 2.0000 will remain intact.
FX Spread Betting, 11 Jun 08
On the Forex front the markets continue to play away in the ranges defined over the past few months with first one currency and then another exerting brief supremacy. Sterling, on the face of it, looks the most vulnerable with Stagflation fears growing by the day. Each rally in Cable over the past six months has achieved a lower high than the previous one. Yesterdays drop was more due to Dollar strength than Sterling weakness but at the current GBP / USD spread of $1.9545 - $1.9548 we are back into the target zone for another attempt at the massive support between $1.9340 and $1.9400.
FX Spread Betting, 9 Jun 08
Looking at last week, Sterling also continued its weakening trend; poor economic data increased expectations of an eventual interest rate cut. The GBP USD cross rate ended the week down 0.55% at $1.9690 and the EUR GBP ended 1.95% up at £0.8006.
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Risk Warning: Spread betting carries a high level of risk to your capital. You may lose more than your initial investment. It may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
'Forex Financial Spread Trading June 2008' by DB, updated 20-Jun-08
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