Spread betting forex markets

Spread betting : Spread betting tips : Free spread betting ideas

Spread betting forex markets: short term outlook for the Sterling

[Posted on Sunday 02/08/09]

For those who are interested in spread betting currency markets, my analysis indicates that the Cable (British pound/US Dollar rate) looks set for some strong moves over the next few weeks.

My latest views on trading opportunities for spread betting forex was presented in the Market Timing Update sent out to subscribers on Wednesday evening (29th of July). In that edition, I noted that there had been a real improvement in the technical evidence and highlighted that the medium term outlook had become more positive.

I concluded that analysis by stating that while things looked more bullish for the Cable, only a resolution of that long-running flattening top pattern either way would indicate that a new position was called for.

In other words, we expected a break above the upper horizontal resistance around 1.6580–1.6620 to lead to further upside while a breach of 1.6250 would herald a deeper selloff.

spread betting on currencies, british pound

Well as things stand, last Friday’s move of 216 pips gave us the break we had been awaiting. That strong move took the Cable to 1.6718 and now suggests further upside for the GBP.

The technical evidence suggests very strongly that the move above 1.6620 should herald a further advance in the Cable to at least 1.7250 in the medium term.

From current levels, the immediate upside target is 1.6850 and then the price band 1.7020–1.7050. As always, all bets should be protected with adequate stop losses.

Upside price target areas: 1.6850; 1.7020–1.7050; 1.7250
Price support areas to look for: 1.6620–1.6580; 1.6490–1.6520

While we are very happy to provide you with the free Spread betting tips outlined here, as the saying goes, give a man fish and you feed him for a day. Teach him to fish and you feed him for a lifetime. If you want to master the skills and techniques displayed in these analysis on spread betting forex markets, come and learn professional trading techniques on our spread betting training course run by the editor of www.spreadbettrader.co.uk.

Have a great week in the markets,


P.S.:To be the first to read the next free market analysis on spread betting forex and other financial markets, sign up for the Free Spread Betting Opportunities Newsletter.

Enter your details below:

Enter your email address
Enter your full name

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Spread Betting Opportunities.

Enhance your trading skills : Free Market Analysis : Daily Commentary

Free Market Forecast

Are you serious about winning at spread betting?

In the markets, timing is everything!

To get the next edition of my analysis of the short term outlook for the financial markets, enter your details in the box below and get pin-point accurate market analysis delivered straight into your inbox for free!

E-mail Address
Full Name

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Spread Betting Opportunities.