21 Aug, 2010 @ 01:33 pm EDT By Alex Kazmarck (SpotEuro)
I made a quick video about a potential trade opportunity we had in our premium members section during the London session. Our analysis showed for GBP/USD gains, especially after better than expected MPC Meeting Minutes and UK Retail Sales data, each providing the pound with enough strength to rally 200 pips before retesting the lows set over the past days; however, instead of taking the trade due to high uncertainty, we pointed out that the market may go in either direction and gave an analysis on what to look for. We were either going to see continuation in favor of the sterling following the 61.8% retracement level or we were going to see a break and a move lower. There is too much noise in the market and we will not be holding any open positions over the weekend; I feel as if the move lower will be rejected on Monday and we'll see continuation in favor of the pound. We'll see how the majors close and depending on Monday's open, we'll look to enter a fresh trade. Please let us know if you have any questions on the video.
*: This article is copyrighted by SpotEuro.
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