So based on sound advice, I have decided to focus on one currency pair until I have completed the school of Pipsology and making consistent profits (net of losses) on my practice account. My pair of choice is GBP/USD.
[QUOTE=âchrisjohns112;739578â]Hi Fellow FX-Men, So based on sound advice, I have decided to focus on one currency pair until I have completed the school of Pipsology and making consistent profits (net of losses) on my practice account. My pair of choice is GBP/USD. What are some of the fundamentals to be aware of? Make money I must, the force is strong here OB1. CJ[/QUOTE]
Lol, the force is strong, it is also wide, as wide as the mighty USD.
So if I were to choose a counterpart to learn with, almost as wide, then maybe I would look to the almost mighty Euro.
If it is the case that I am focussed on the Gbp, then my first port of call has to be the Central bank.
Right there I would acquaint myself with the personalities, who is boss, who is a hawk, where lies the thinking.
Carney is not British, he will often seem to take a stance and then the numbers overtake him, the most recent is a fall back on growth - this will cause him much soul searching, not what he had been saying, but he will ratchet back, he is a numbers guy.
This link is absolutely the opposite that Carney was expecting, so âŚ
Then youâll probably want to toss some other stuff into the mix such as how likely Britain is to exit the EU if they canât re-negotiate a deal. The market probably wouldnât look upon this as a favourable outcome for the UK given that the EU is UKâs largest trading partner.
GBP is lately trading at its 8-month lows being pressurized by the strengthening greenback. In 2015, it was expected that US and UK will hike the interest rates. However, US recovered and its economy boosted leading to rise in its rates by FED while UKâs economy is still lingering and waiting to meet for its targets. Thus, domestic factors as well as strong greenback are likely to threat GBP.
Good info brotherâŚ
I think that all economic of Country that using Pound is the key for affecting GBP market volatile.
Btw, trade using GBP also my favorit currency, because it has huge volatile per days. Yesterday, I got 50pips trade in Liteforex