Pound Versus Dollar and Euro December 9th

FX Strategy Video > Currency Pairs Analysis

GBP/USD rose during the session on Thursday as trader originally bought into the “risk on” trade when the ECB cut rates in Europe. The lack of bond buying in the press conference made the market shutter, and they would sell off risk in general. The falling of this pair suggests that perhaps we could see a run down to 1.55 again.

EUR/GBP fell originally during the session as the markets retested the 0.85 level again for support. The resulting candle from the session is a hammer, and looks supportive. If 0.85 is taken out - this pair goes much lower. Otherwise, it looks like consolidation continues.

Published on 8th of December 2011
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