Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.
USD/GBP pair in forex trading has been known as one of the most traded currency pair. Both UK and US economy are considered to be quite stable (compare to other countries of the world) and that is why these two currencies are always considered as safe options to go for. Those, who love currency trading, often relying on this pair highly. For a long time, currency traders also call this pair as ‘cable pair’. So, as we all know, currency trading is all about understanding global economic conditions and analyzing the situations for finding the best time for buying as well as the best time for selling. If you have made your mind to go with USD/GBP currency pair, then you must understand a few things. This article will reveal some of the secrets about this currency pair so that traders can find better hold on this currency pair trading. Forex Scalping Trade on USD/GBP Forex Scalping is one of the best ways of avoiding risks in currency trading of USD/GBP. It is one of the fastest ways of making money in a very short period of time. However, experts do not prefer this tactic of currency trading for beginners because it is quite tricky and quite unstable. A chart set up of forex scalping can be easily done in a straightforward manner. For scalping USD/GBP, you can set up a chart by 3 Exponential Moving Average (EMA’s) and after making the chart, you are free to tint them as per your desire. The EMA, which you set up first will help you to present the whole idea of the trade, and the other two EMAs will help in cross over appearance. Crossover simply explains that there is an alternative in the course, but when crossover is confirmed start looking for the most recent support, which is soon going to break. Once you have successfully found it, do not delay in entering into the trade. Then close the deal and finally depart from the trade. In doing so, you may have to stop loss in small sum of about 10 pips. The Seasonal Pattern Forex charts help in learning the chronological rate of currency pairs over the years. These charts are very much helpful for the technicians for determining the risk level in currency trading. Seasonal patterns give an idea about the tendencies of currencies throughout the months. For example, for knowing the seasonal pattern of GBP/USD, one must look into the seasonal pattern in Pound future. Thus, it is very important for the traders to learn about the forex charts or the seasonal patterns. One must remember it that seasonal patterns are just average calculations, which are derived from the values of 5 years, 10 years or 15 years. These are not rules, and hence they can be changed as per the economic status of the country. Here is a note on the seasonal pattern on GBP: • Pound generally goes down in the month of March and it rises in the end of April. • The period between mid-May is bearish. • Again in the mid-May, one can observe a bottom, and it can rise in the month of August. • Currency rates generally rise in the early days of August and September. • The predictions are not similar after the month of October. It has different values in different years, thus, the seasonal patterns are not very reliable at this point of time. However, one should not totally rely on a seasonal pattern. Along with it, traders must keep track of the market trend for better trading.join Primetrade, which is a legitimate as well as a safe forex trading platform, offering an excellent trading experience to the users.