Interest Rates and GBPUSD Forex Trading Signal

Written by forexwatch on 08 October 2009

Interest Rates

The focus will be on the Interest Rate announcement by BOE and ECB. The BOE is expected to hold its interest rate at a record 0.5 percent today and the ECB too is expected to hold its main refinancing rate at 1 percent.

However, in another development the Reserve Bank of Australia yesterday became the first Western central bank to lift interest rates since the onset of the financial crisis.

Jobless Claims

The other news of interest is weekly jobless claims in US. It is expected to ease to 540k.

GBPUSD Trading Signal

The most important resistance 1.6022. If this resistance is broken, the Pound will be on the rise for the short-term to 1.6123 and may try to reach 1.6199.

The Trading Signal for GBPUSD is as follows:

GBPUSD Long Position

Long Position at: 1.5960
Stop Loss at: 1.5910
Take Profit at: 1.6022 / 1.6123 / 1.6199

OP, SL & TP at YOUR OWN RISKS

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