Dollar on Sunday. GBP/USD was trading at 1.6174, up 0.04% at time of writing. The pair was likely to find support at 1.5894, Wednesday’s low, and resistance at 1.6224, Friday’s high. Meanwhile, the British Pound was up against the Euro and the Japanese Yen, with EUR/GBP shedding 0.02% to hit 0.8462 and GBP/JPY rising 0.13% to hit 158.29.
2. Markets are open 24 hours a day 6 days a week (due to time zones), so you need to devote a lot of time to tracking your investment. 3. Currency markets are extremely difficult to predict because so many factors affect exchange rates. 4. Even small market movements can have a big impact, because most forex trading products are highly leveraged.
Overseas investors in particular will be wary about owning any U.S. product in the first half of 2014. The lack of global confidence in Washington to do its job is being priced in for that period. If the American government fails to get a bigger deal done now that capital markets have bought into this short-term extension, the next fall out could be even more aggressive.
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