Today UK has released its Q4 and annual GDP numbers, we saw UK’s economy slowing in its last quarter of FY11-12. The data that came out was -0.3% QoQ basis and 0.5% YoY basis as compared to -0.2% QoQ and 0.7% YoY previously. We may see under-performance in GBP currency in forex market, so taking view of medium term we advice forex traders to take short positions on GBPUSD around 1.595 level for trading target of 1.575 and then 1.5675 levels. Placing stop loss above 1.605 mark, technical indicator are suggesting the pair is loosing upward momentum, hence this can be a clear signal to take short positions. High risk traders can even short sell GBPJPY with 150 pips gain in holding pair for a week, yen may strengthen in near term, also we see GBP to weaken. Indian markets also saw volatile session as tomorrow is F&O expiry for march series, trading nifty future will be difficult in tomorrows session.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
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