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Pound Sterling fell as low as 1.5899 on EBS – Dec 26

December 26, 2012

LATE UPDATE
GMT 13:37 = Gold @ $ 1662 = Likely to hold $ 1657-58 levels
ls to test $ 1666-68 zones
GMT 13:39 = EURO @ 1.3198 = Should hold 1.3175, breeak of 1.315 will encourage for test of 1.3240-45 zones
GMT 13:41 = GBP @ 1.6136 = Should hold 1.6110 for 1.6157 or 1.6168-70 zones
GMT 14:23 = GOLD @ $ 1667.40 = Book your profit around currnet levels
GMT 15:01 (Subscriber) = sir euro 1.3255 still u see up or should exhaust here ?
GMT 15:48 = It was short and sweet.
Hope you guys have booked your profit.
End of of another excellent day.
Fiscal Cliff is an unresolved issue.
Stay away, anything can happen.
Cheers until tomorrow………..

=================
GMT 3:30 – EURO @ 1.3185 = With Europe and UK on holidays and with Obama and Boehner still prefers to play hide and seek, as we get close to the cliff, it is too risky to enter the market, which is thin and quotes wide.
In Asia we saw some volaitity in Japanese Yen after the release of Bank of Japan minutes, as some of the members supported Shinzo Abe’s ultra easing monetery policy call that it might be necessary for the bank to improve its policy measures further to enhance the influence of monetary policy on foreign-exchange rates tyhat clearly points towards more easing.
Meahwhile, I have been warning in my various post to refrain from agressive trading in thin market enviormrnt due to risk factor. I am sure you must be aware that on Dec 25 during late US session, Pound Sterling fell as low as 1.5899 on EBS, but soon rebounded to 1.6143.
It is said that from EBS prespective, FX is one of the largest and most liquid markets in the world, playing a key role in facilitating international trade and risk management.
According to ICAP ” The EBS platform is the flagship electronic spot FX and metals trading platform from ICAP, a provider of FX trading and market data technology solutions to the foreign exchange market. The EBS platform is an anonymous forex dealing service for professional spot FX traders, delivering 24-hour access to authoritative real-time and historical FX market data and provides a worldwide community of foreign exchange counterparties. We believe the EBS platform delivers transparent and unparalleled liquidity and depth, creating more foreign currency trading opportunities for FX traders”.
Back to market, which will remain nervous and will be looking for direction for the rest of the year as long as fiscal cliff looms. Hence, US Dollar should benefit from this uncertainity, but USD will meet resistance and occasional correction will be seen.
EURO @ 1.3185 = I still see 1.3235-50 as top side of the range, but do not expect 1.3295 to surrender. looking fior test and break of 1.3140 for 1.3095
GMT 3:44 – GOLD @ $ 1655 = Saw a perfect hit of target $ 1665-66 before easing. Now this levels should act as resistance and we could see gold exhausting around $ 1660-62 levels for possible test of $ 1660 zones or below.
GMT 3:40 – AUD @ 1.0366 = The fall is as per expectation. It needs to fall bekow 1.0320 for more losses as Aussies should find top around 1.0390
GMT 3:37 – JPY @ 85.23 = Likley to hold around 84.80-90 for 85.50-60 break risk for 85.93
GMT 3:33 – GBP @ 1.6122 = Cable should find top around 1.6150-60 and looks good for another test of 1.6055 or else 1.6180-85 before down again

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