Pound Makes a Bullish Comeback
Trade of the Day
Buy into the pair
The pound sterling started today’s trading session a lot lower, but we are starting to see a good amount of bullishness for the British currency. It is important to take into account that it was oversold up until this morning. Therefore, it is great to see that investors have so much confidence in the currency pair right now. It could be that the GBP/USD pair will build on its current gains in the hours ahead.
USD mostly higher
There has been a lot of strength when speaking of the greenback during the current week of trading. Investors feel that it is time for them to take some big risks when it comes to investing in the greenback these days. This is due to the potential returns that can be made. Among the biggest gains have been made versus the loonie and the Aussie. Look for the dollar to build on its current gains this afternoon.
EUR very weak now
The European single currency had been one of the start performers in previous trading sessions, but we are seeing much weakness at the moment. The euro is trading much lower versus the pound and the dollar. It needs to be taken into account that the EUR/GBP cross was actually higher at one point this morning. This shows just how quickly the situation in the forex market can change each trading day.
GBP makes bullish comeback
There was a lot of weakness for the British pound in the early part of the current trading session. The pound sterling has since made a bullish comeback. Investors are of the view that it is worth it for them to go long on the British currency today, as it is worth it for them to make high returns from the currency market. Among the most impressive gains have been made versus the Aussie, euro and greenback. If positive global data is published later, then this could give the GBP an additional boost.
Yen going lower
The Japanese yen has been going lower since the beginning of today’s trading session. Investors have taken it upon themselves to ditch the JPY, as it is not a profitable currency to invest in this morning. This is why you will want to be extra cautious while trading the Japanese currency. The yen is set to make big losses versus the sterling and the greenback as the trading day drags on, so be prepared
Stocks take a big beating
Stocks in America took a very big beating on Thursday. Traders were in the mood to ditch stocks after they made big gains earlier in the current trading week. Moreover, the U.S. published some very weak economic data which led traders to ditch the top stocks on Wall Street.
The Nasdaq actually managed to gain, but the majority of other stocks ended up making some very big losses.
There will be a lot of economic data published from the news wires today, so make sure you follow it very closely if you want to make maximum returns from your favorite equities in the latter hours of trading.
Bullishness for now
Gold was trading lower about an hour ago, but it has since made a bullish comeback. Investors have bought into the currency today, as they feel that it was previously undervalued. There seems to be good opportunities when it comes to trading the yellow metal as of now. Go long today if you want to make maximum returns.