About three weeks ago I identified a trading opportunity in the GBP/SEK currency cross which played out to end as a profitable trade.
After a relatively news-free start to the week, the Forex market has seen two key news releases today which have had notable impacts upon prices.
At 7pm London time tonight, President Trump will announce his decision regarding the 2015 “Iran Deal”: whether to formally withdraw from the agreement, and whether to reimpose U.S. economic sanctions against Iran.
In less than 3 weeks, the GBP/USD currency pair has fallen by a maximum of approximately 880 pips from its high at 1.4377 – that is equal to a 6.12% decline in value.
Yesterday saw a scheduled issuing of the periodic policy guidance issued by the U.S. Federal Reserve’s FOMC.
WTI Crude Oil is often seen as the natural opposite, in trading terms of the U.S. Dollar. If so, it is interesting that as the U.S. Dollar has been rising over recent months, WTI Crude Oil has also been rising to new multi-month high prices.
Last Sunday, I wrote about how the GBP/SEK currency cross was likely to rise over the coming week.
A few days ago, I wrote about how although trading with the trend using simple price period look-backs is a simple and effective trading edge, the challenge remains as to how to pick the look back period.