Tuesday, July 31, 2012
Today's Gbp/Usd trade was taken because a number of reasons, technically we had our 5 sma crossover our 8 ema signaling a possible reversal in the trend. We also had gbp/usd come down and struggle to break prior lows. Our L1 line also began to turn upward and confirmed our bias higher. Fundamentally, we had market participants optimistic on that the fact that the Fed may take further action to help stimulate the US economy, so this help carry more riskier currencies higher. A total of 52 pips was gained on this nice Trade of the day. Trader on avg today made off with avg 65 pips iin today morning session.
This snap shot is from one of our lead traders Michael Knight in the Forex Insight community of traders.
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