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Forex signals - GBP crushed down

On Thursday the situation on the market developed somehow like the day before. Before the beginning of the American session USD was losing its positions, but then played back and pushed its rivals down. Forex signals providers were quite active during the first part of the day, but then their activity grew much more.

But the only currency to fall down against USD very fast was GBP, that began to go down after the beginning of the European session. The British pound was crushed down by the head of the British Central Bank Mervin King, who told in one of his interviews, that the fall of GBP will help to keep balance in British economy. That was a sign for all Forex signals giving traders. As the result, GBP/USD reached the level of 1.6021, which is the lowest point beginning from July.

At the same time USD got stronger with the help of the news on Existing Home Sales in the USA. The sales got lower for the first time during the last 5 months, but not higher, as it had been predicted before. So, that was the sign of the world crisis continuation, and the investors and Forex signals providers began to buy USD very actively. Due to that EUR/USD went down to 1.4626, USD/CHF to 1.0300 and USD/JPY set at the level of 91.50.

On Friday, September 25, the main attention of Forex signals providers will be drawn to the data, coming from the USA. The changes of Durable Goods Orders are expected to be negative. Also, the news on New Home Sales might show negative dynamics, like data on Existing Home Sales did yesterday, which will make USD more attractive for the investors and Forex signals providers. So, the main rivals of the American currency, such as EUR and USD, can suppress bucks only during the European session.

Due to that EUR/USD might have the rage of 1.4550 - 1.4700. At first EUR can rise up and then lose some position to USD because of news releases. GBP is likely to try to play back with the target 1.6200, but the data from USA can easily bring GBP/USD to 1.5900.

by Jonathan Halprid
September 25, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
September 24, 2009 USD - falling down
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