UK Forex Trading
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The UK forex trading review with quick and simple answers to common forex trading questions:
UK Forex Trading, 15 July 2011
Uncertainty ahead of the banking stress test results is causing the Euro to take a sharp dive against the Dollar on the FX spread betting markets this morning.
Although the Dollar fell yesterday on the back of S&P rating agency putting the US’s AAA rating on review, suggesting there could be a downgrade on the cards, it has bounced back as traders are more fearful over the stress tests instead. The pair is trading around $1.4120 at the time of writing.
Sterling has taken advantage of the stress test situation and posting a one month high against the Euro.
If the results prove to show that Eurozone leaders need to raise more capital than UK banks, we could see further positive movement for the Pound. Trading at €1.1432 currently, the technical analysis is showing favour towards Sterling moving higher.
UK Forex Trading, 14 July 2011
The Dollar has taken the place of the Euro as the whipping boy this morning, weaker overall but not nearly as bad as yesterday’s hefty losses.
EUR/USD has already seen some decent movement this morning, having been higher almost up to $1.4300, but a small reversal to $1.4200 has already taken place. Support is seen at $1.4110 and $1.4050/3975 meanwhile resistance is seen quite a bit higher at $1.4285/375.
Cable too has come off highs from earlier this morning almost reaching $1.6200 and is at $1.6125. Resistance is seen at $1.620/25/80 and support at $1.6075/30/00.
UK Forex Trading, 13 July 2011
The Euro was once again the whipping boy as EUR/USD plunged back below the $1.4000 mark but the recovery in risk assets allowed the pair to get back above the figure. This morning it's been above and below there and is at $1.4015 at the time of writing.
Traders will be closely watching the support at $1.3840 which are yesterday's lows and where the bulls showed they at least have a little bit of life left in them. A break below here will open up $1.3800 and then the forex technical analysis shows the next major support is seen at $1.3400.
To the upside $1.4185 may seem a ling way off but this is the near term resistance target the bulls want to see overcome.
The Euros woes allowed Sterling to spike against the single currency, taking GBP/EUR back above €1.1400, but only temporarily. The gains by Sterling were reversed quickly after the softer CPI data and since the recent strength has been more due to severe weakness in the Euro, the sentiment towards Sterling is still rather bearish overall. This morning GBP/EUR is at €1.1380.
UK Forex Trading, 12 July 2011
The Euro - Dollar forex pair took, and is continuing to take, a severe beating as we sink deeper into worry about the actual state of the Eurozone debt situation. As yields continue to rise on sovereign bonds, we can only wonder what the next stages are going to be in sailing the ship out of this storm.
Trading against the Dollar at $1.3889, we haven’t seen the Euro at these levels since mid-March. The pair is under pressure as it has broken through its previous support level at $1.3980, so traders should be cautious here.
Similarly, Sterling isn’t faring too well against the Dollar but the drop hasn’t been as steep as we can see for the Euro.
The Pound’s case hasn’t been helped by the fact that UK house prices didn’t really improve in June, which just further adds to the knowledge that the economic outlook isn’t so rosy at the moment.
Sterling is trading down at $1.5819 versus the buck and is trending lower. It has broken through its previous support level at $1.5820 and this is a negative signal.
UK Forex Trading, 11 July 2011
On the forex spread betting markets, the Dollar has continued from where it left off last week, with its onslaught on the Euro. Although the Euro spiked higher when NFP was released worse than expected, it wasn’t enough to hold off the Dollar, as traders again looked back to the Eurozone situation and the stress tests for European banks.
Not only this, but the Italian situation is also weighing on sentiment, which just throws another element into the equation for the EU and IMF. Trading at $1.4149 at the moment, the pair has support at $1.4125 and resistance sitting at $1.4225.
In line with the Euro, on the back off the poor NFP data, Sterling also jumped against the Dollar. Again, in line with the Euro, it has also fallen back this morning despite having a pretty strong close against the US currency. Obviously the Eurozone debt situation is a factor here, but also UK retail sales figures for June are expected to show they fell by 1.4% tomorrow.
Traders are looking for a safe haven at the moment, and the Dollar is favoured here. The pair is currently trading at $1.5971 and is challenging its support level at $1.5951, so traders should beware here.
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UK Forex Trading, 8 July 2011
The Euro had a tasty rally against the Dollar, after the ECB raised rates to 1.5% yesterday, from $1.4220 to $1.4374.
After the BoE kept rates on hold at 0.5% the Dollar continued its offensive on the Pound, making it three down days on the spin. The UK has PPI figures out today, which is expected to show a slowdown for June.
UK Forex Trading, 7 July 2011
It's all about interest rate decisions today with the Bank of England at midday followed by the ECB at 12:45.
There's no real question that the BoE will raise rates but expectations are for a hike from the ECB to 1.50% as Trichet attempts to maintain his credibility by being vigilant in the face of rising inflation.
The past few weeks have seen the Euro winning the battle against Sterling from the moment the BoE lost its only hawk and it has recently become much more dovish in its stance towards interest rates.
Murmurings of further QE have really knocked the stuffing out of the Pound and the threat of parity with the single currency is still very much on the agenda.
Whilst the ECB wants to look tough in the face of higher inflation by raising rates again today, and there's a chance they may not, they are expected to sound a little more dovish. The market now expects only one more hike this year whereas before it was looking like there might be two.
The economic data coming out of Europe has been showing signs that the recovery is looking tired. When you have a central bank raising rates when things are slowing down, also at a time when the Eurozone remains in a complete mess, you have to have a rethink on monetary policy.
The Bank of England has been very reluctant to rethink its policy by keeping rates ultra low for fear of snuffing the economy and, now that the doves are in firm control of the MPC, we're unlikely to see any change in this for a while.
Sterling remains under pressure this morning with Cable dipping back below $1.6000 to $1.5985. Against the Euro it's also struggling with GBP/EUR at €1.1145.
Meanwhile the little strength in equities is painting a tint of Dollar weakness within FX spread betting markets this morning and so EUR/USD is at £1.4340 and AUD/USD is at $1.0750.
In respect of Cable it has been starting to form a bit of a down trend over the shorter term and so $1.6025/50 and $1.6100/25 are resistance with support seen at $1.5935/10 and $1.5870. For EUR/USD upside targets are seen at $1.4400/50 and support at $1.4275/45.
UK Forex Trading, 6 July 2011
The Euro finally saw its luck run out against the Dollar after a seven day winning streak. It was only going to end one way as soon as Moody’s rating agency downgraded Portugal’s government debt to junk.
The Euro is, as expected, trading down against the Dollar today at $1.4386. The pair is remaining under pressure as it has broken below its last support level of $1.4392, which is a negative signal and traders should beware.
Sterling saw a bit of strength yesterday against the Dollar on speculation that the US unemployment rate will go higher and in turn slow down the Fed’s monetary policy tightening.
The pair rallied early morning, but then resumed business as usual with the Pound falling back which has continued this morning. The pair went as low as $1.5996 with a report expected to show that UK house prices were unchanged since May. The pair is under pressure as it is approaching it next support level at $1.5975.
UK Forex Trading, 5 July 2011
After trading near a three week high against the Dollar on the forex spread betting markets, the Euro has dropped off this morning and is trading around $1.4465.
At first it seemed that S&P’s comments on a debt rollover plan was a positive thing, as it meant although Greece would be in “selective default” they would still honour the majority of its financial obligations.
It now appears to have taken a turn as the ECB has stated it will keep accepting Greek debt as collateral for loans, unless all three major ratings agencies declare Greece to be in default.
The Canadian Dollar has come off a three percent gain on the US Dollar as the suspicion from traders is that the currency has become overbought.
Another factor is that the Canadian Dollar isn’t exactly a safe haven currency and, after comments from agency S&P about Greek default, traders fled to the safer US Dollar. The pair is trading at C$0.9618 showing strength for the US currency at the moment.
UK Forex Trading, 4 July 2011
After six consecutive positive trading days on the spin, the Euro is battling on against the Dollar after ratings agency S&P said that a debt rollover plan for Greece might put the country into “selective default”.
This is seen as better than “default” because the definition means although Greece may fail to service one or more of it financial obligations, it will still continue to honour its other financial commitments.
The pair is trading at around $1.4533 and is generally trending higher, with support at $1.4475 and resistance at $1.4580.
The Australian Dollar has dropped off against the US Dollar after data showing that retail sales for May had declined, which might mean that policy makers in Australia will be leaving rates where they are for now.
The AUD/USD has come off on the back of a 350 pip movement from the end of June, but the weakening data was enough to ensure the pullback. The pair is trading at $1.0742 with near term support and resistance seen at $1.0728 and $1.0800 respectively.
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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.
'UK Forex Trading' by DB, updated 15-Jul-11
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Forex Spread Trading September 2010, updated 24-Sep-10
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Forex Spread Betting July 2010, updated 16-Jul-10
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Forex Spread Bets June 2010, updated 02-Jul-10
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Forex Spread Trading June 2010, updated 18-Jun-10
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Forex Spread Betting June 2010, updated 04-Jun-10
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Forex Spread Trading May 2010, updated 21-May-10
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Forex Spread Betting May 2010, updated 07-May-10
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Forex Spread Trading April 2010, updated 23-Apr-10
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Forex Spread Betting April 2010, updated 09-Apr-10
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Forex Spread Trading March 2010, updated 26-Mar-10
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Forex Spread Betting March 2010, updated 12-Mar-10
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Forex Spread Trading February 2010, updated 26-Feb-10
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Forex Spread Betting February 2010, updated 12-Feb-10
FX market update: On the currency markets, the Pound and Euro both found support yesterday pushing well away from recent lows to climb quite strongly through...read article: Forex Spread Betting February 2010.
Forex Spread Trading January 2010, updated 29-Jan-10
FX market update: On the currency front, the Euro has been weakening again, finally dropping below $1.40 yesterday. The currency is...read article: Forex Spread Trading January 2010.
Forex Spread Betting January 2010, updated 15-Jan-10
FX market update: The US retail sales didn't help the Dollar much and it drifted back to the ¥91.00 mark against the Yen. With the rate at...read article: Forex Spread Betting January 2010.
Forex Spread Bets December 2009, updated 01-Jan-10
FX market update: Interesting movements in the Forex spreads markets are just about the only thing worth focussing on at the moment. Yesterday the Dollar waxed and waned, managing a...read article: Forex Spread Bets December 2009.
Forex Spread Trading December 2009, updated 18-Dec-09
FX market update: The momentum against Cable was compounded by some negative UK retail sales which flew in the face of recent reports from retailers like...read article: Forex Spread Trading December 2009.
Forex Spread Betting December 2009, updated 04-Dec-09
FX market update: The Euro managed to exactly match our commented range of $1.5140 to $1.5040/60 in yesterday's session. It traded at...read article: Forex Spread Betting December 2009.
Forex Spread Trading November 2009, updated 20-Nov-09
FX market update: Currency markets are mixed this morning but largely in favour of the Dollar. Cable is heading lower as once again it fails to test...read article: Forex Spread Trading November 2009.
Forex Spread Betting November 2009, updated 06-Nov-09
FX market update: Currency markets are turning a bit Dollar unfriendly once more with the Euro regaining the $1.4860 level. The Euro had been...read article: Forex Spread Betting November 2009.
Forex Spread Trading October 2009, updated 23-Oct-09
FX market update: Trading continues to be very contained in the EUR/USD cross with the $1.49 level seeming to hold an irresistible attraction. Last night it seemed that...read article: Forex Spread Trading October 2009.
Forex Spread Betting October 2009, updated 09-Oct-09
FX market update: Mervyn King muttered about a weak currency helping exporters but I have to say that this commentator is yet to see any evidence of...read article: Forex Spread Betting October 2009.
Forex Spread Trading September 2009, updated 25-Sep-09
FX market update: The weakness of the Pound versus other majors has merely been reflected by the Dollars own lack of strength. Versus the Euro the cross seems unable to...read article: Forex Spread Trading September 2009.
Forex Spread Betting September 2009, updated 11-Sep-09
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Forex Spread Betting August 2009, updated 28-Aug-09
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Forex Spread Betting July 2009, updated 17-Jul-09
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...read article: Forex Spread Betting July 2009.
Forex Spread Bets June 2009, updated 03-Jul-09
FX market update: Sterling is also managing to sit tight against some serious tests of support. Cable has drifted sideways through the short term upward trend line which is marginally worrying and this may give cause for a move back into the $1.58 to $1.60 region. However sometimes trend lines just lose their...read article: Forex Spread Bets June 2009.
Forex Spread Trading June 2009, updated 19-Jun-09
FX market update: Forex markets must have read my comment yesterday as the pound made an almost carbon copy move to Wednesday's price action. The total net effect over the last three days has been...read article: Forex Spread Trading June 2009.
Forex Spread Betting June 2009, updated 05-Jun-09
FX market update: Even though the GBP/USD spread betting market has fallen from a high of $1.6670 on Wednesday to the current $1.6050 there have been some big rallies amidst the 6 cent fall. Clients have been trying to buy into...read article: Forex Spread Betting June 2009.
Forex Spread Trading May 2009, updated 22-May-09
FX market update: The same happened to GBP/EUR which saw a very sharp fall yesterday morning, but recovered afterwards throughout the rest of the day. At the moment though, the euro is...read article: Forex Spread Trading May 2009.
Forex Spread Betting May 2009, updated 08-May-09
FX market: Sterling's good recent run came to an abrupt end after the BoE announced its next tranche of asset purchases. The market was taken a little by surprise as many were expecting the Bank not...read article: Forex Spread Betting May 2009.
Forex Spread Trading April 2009, updated 24-Apr-09
FX market: EUR/USD is back above $1.3000, currently at $1.3070 with the Euro making a bit of ground on Sterling as well as GBP/EUR heads back towards...read article: Forex Spread Trading April 2009.
Forex Spread Betting April 2009, updated 10-Apr-09
FX market: With EUR/USD, our spread betting accounts are very much two way with buyers matching sellers and in truth it is difficult to argue that ...read article: Forex Spread Betting April 2009.
Forex Spread Trading March 2009, updated 27-Mar-09
FX market update: FX markets are still wary of the recent indication that the US might not be opposed to the creation of a 'Super Currency' run by the IMF, the mere mention of which sent the dollar...read article: Forex Spread Trading March 2009.
Forex Spread Betting March 2009, updated 13-Mar-09
FX market: The failure last Friday to push resistance versus the dollar at $1.4340 was not helped by the overall view taken about the 'quantitative easing' policy of the...read article: Forex Spread Betting March 2009.
Forex Spread Trading February 2009, updated 27-Feb-09
FX market update: Against the Euro, the pound seems to have settled into a £1.1000 to £1.1500 range...read article: Forex Spread Trading February 2009.
Forex Spread Betting February 2009, updated 13-Feb-09
FX market: Virtually every major market, having tried valiantly to break out of the current trading ranges, is now pretty much where they closed on Wednesday evening. GBP/USD had a solid look at...read article: Forex Spread Betting February 2009.
Forex Spread Bets January 2009, updated 31-Jan-09
FX market update: Currency markets continue to be the focal point with the battle for the GBP/USD rate to get...read article: Forex Spread Bets January 2009.
Forex Spread Trading January 2009, updated 16-Jan-09
FX market: Strange moves overnight in the currency markets will not have pleased many as the Pound ?took off? in the first few hours of trading opening some...read article: Forex Spread Trading January 2009.
Forex Spread Betting January 2009, updated 02-Jan-09
FX market update: the 'dollar bulls' remain positive about the outlook for the dollar as they argue it could replace the Yen as the new carry trade currency. This also indicates that the FX markets are preparing for...read article: Forex Spread Betting January 2009.
Forex Spread Trading December 2008, updated 19-Dec-08
FX market: The pound has fallen a minimum of 25% against even the weakest of the other major currencies this year and in the same period our...read article: Forex Spread Trading December 2008.
Forex Spread Betting December 2008, updated 05-Dec-08
FX market update: On the Currency front the cut in rates had little effect, there was a brief fall in the Euro and the Pound followed by a short covering rally and now we...read article: Forex Spread Betting December 2008.
Forex Spread Trading November 2008, updated 21-Nov-08
FX market: The GBP / USD spread is now $1.5082 - $1.5085 and, to be honest, there is little in the way of resistance or support around the current price. The short term falling trend line is now at...read article: Forex Spread Trading November 2008.
Forex Spread Betting November 2008, updated 07-Nov-08
FX market update: The volatility in the GBP / USD market is becoming ever more extreme with the last eleven trading days averaging over 5¢ a day high/low range (3%). This variation represents a...read article: Forex Spread Betting November 2008.
Forex Spread Trading October 2008, updated 26-Oct-08
FX market: Traders looking for some kind of support have seen their hopes wiped away as the pound and euro plumb depths not seen for...read article: Forex Spread Trading October 2008.
Forex Spread Betting October 2008, updated 10-Oct-08
FX market update: Trading in the Forex markets has been just as violent as the equities as the pound has fallen dramatically out of favour versus the Yen and Dollar. It appeared, briefly, that confidence in...read article: Forex Spread Betting October 2008.
Forex Spread Trading September 2008, updated 26-Sep-08
FX market: The Forex markets must have been reading my comment yesterday as Cable failed at almost exactly the resistance of $1.8650 and then moved down to attack the support at $1.8450. Once this had...read article: Forex Spread Trading September 2008.
Forex Spread Betting September 2008, updated 12-Sep-08
FX market update: On the FX spread betting front the inability of the Pound, Euro or Yen to hold onto the gains versus the dollar do not bode well in coming sessions. The currency markets are settling in to the new ranges caused by...read article: Forex Spread Betting September 2008.
Forex Spread Trade August 2008, updated 29-Aug-08
FX market update: The Euro / Dollar rate is off its lows this morning around the $1.4693 mark and continues to test...read article: Forex Spread Trade August 2008.
Forex Spread Betting August 2008, updated 15-Aug-08
FX market update: We are now sitting just above the massive 2006 GBP / USD support level at around...read article: Forex Spread Betting August 2008.
Forex Spread Trading July 2008, updated 01-Aug-08
FX market update: In the Forex spread betting markets the dollar and yen are looking to make gains after the...read article: Forex Spread Trading July 2008.
Forex Spread Betting July 2008, updated 18-Jul-08
FX market update: In the Forex Spread Betting world Cable continues to hover around the $2.00 dollar mark but the Euro has, for the time being, given up on the...read article: Forex Spread Betting July 2008.
Forex Financial Spread Bet July 2008, updated 04-Jul-08
Forex market update: The weak dollar is causing much of the recent commodity spike and the laissez faire attitude of the US administration to the value of the Greenback is coming back to haunt them in the shape of...read article: Forex Financial Spread Bet July 2008.
Forex Financial Spread Trading June 2008, updated 20-Jun-08
Forex market update: 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...read article: Forex Financial Spread Trading June 2008.
Forex Financial Spread Betting June 2008, updated 06-Jun-08
Forex market update: The pound was dragged a little in the Euros wake yesterday but even so lost over a Euro cent in the post Trichet move. The GBP / USD spread is currently at $1.9581 - $1.9584 this morning and is still at the lower end of the recent trading ranges. Any clients who bought into...read article: Forex Financial Spread Betting June 2008.
Forex Spread Bet May 2008, updated 23-May-08
Forex market update: Sterling had one of its surging days yesterday moving higher against every other major currency. We have seen some very heavy buying in the Pound and Euro vs the lower interest rate currencies (JPY, CHF, USD) in the last few sessions as traders...read article: Forex Spread Bet May 2008.
Forex Trading May 2008, updated 09-May-08
Forex market update: Unfortunately the FX markets, which seemed to be selling the Pound and Euro in anticipation of a rate cut from both the ECB and MPC only reversed for the Euro and not for the Pound. Sterling is now weakening again against all the majors and yet another attack on the...read article: Forex Trading May 2008.
Forex Trading April 2008, updated 25-Apr-08
Forex market update: Looking at the Forex Spread Betting markets the Pound actually managed a good day for a change as the Euro and Yen suffered. Of course the real winner was the US Dollar. Cable is now at the bottom of it recent range with dealers probing for any weakness below...read article: Forex Trading April 2008.
Forex Spread Bets April 2008, updated 11-Apr-08
Forex market trading update: The dollar is getting a knock this morning weaker against the majority of other currencies. Sterling attempted to make some sort of recovery against the euro yesterday dipping below the £0.8000 mark. However, since...read article: Forex Spread Bets April 2008.
Forex March Spread Trading, updated 28-Mar-08
Forex markets: On the FX markets the Dollar continues to hold it own for the time being but the pound seems to have hit something of a brick wall overnight. All the majors are unchanged except for the pound which is down 80 pips against the greenback (under $2 again)...and is at a new all time low versus the Euro at £0.7894 which means that we are now over 15%...read article: Forex March Spread Trading.
Real-time Forex Prices and Charts, updated 15-Feb-08
Forex pricing information: On the currency trading front we are very quiet and with no news expected today it may well remain that way for the early trading session. GBP / USD looks to be quite happy at levels near to $1.9700 but we have made a habit of...read article: Real-time Forex Prices and Charts.
UK Forex Spread Trading, updated 01-Feb-08
UK Forex Spread Trading: FX markets are absolutely comatose at the moment and we are trading and re-trading over the same ranges. The pound is pretty much...read article: UK Forex Spread Trading.
Forex January Spread Betting, updated 18-Jan-08
FX markets remain peaceful with the Dollar and Pound continuing to recoup some of the recent losses. The Sterling/Yen cross is now hovering just below the 211.90 support/resistance at a spread of...read article: Forex January Spread Betting.
Forex Trading Online, updated 21-Dec-07
Find out where you can Trade FX Online for free plus your FX trading questions answered, tips on getting free FX charts, real time prices and...read article: Forex Trading Online.
Forex Futures Trading, updated 07-Dec-07
Where to trade Forex Futures plus updated Forex trading news and the most popular Forex questions answered....read article: Forex Futures Trading.
Forex Broker, updated 23-Nov-07
Where to find free Forex Brokers plus regular Forex financial trading news as well as the most popular Forex questions answered....read article: Forex Broker.
Forex Platform, updated 09-Nov-07
Where to find free Forex Platforms plus updated Forex trading news as well as the most popular Forex queries answered....read article: Forex Platform.
Forex Software, updated 26-Oct-07
Where to find free Forex Software information plus updated Forex trading news as well as the most popular Forex queries answered....read article: Forex Software.
Forex Prices, updated 04-Feb-08
Where to find free Forex Prices plus updated Forex news as well as your top Forex questions answered....read article: Forex Prices.
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