Nationwide HPI m/m to be released on Tuesday:

The Nationwide HPI data will be released on Tuesday. It is expected to rise by 0.4%. This is a very important indicator regarding the house industry in the United Kingdom. Current price of GBP/USD 1.6440

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This is perhaps the most common and the most serious mistake of all. Traders come to forex without even elementary knowledge of the market. They do not know what drives exchange rates. They do not know what influences the market. There are so many factors that have a direct impact on forex. Traders must know all of them. Otherwise, the forecast may turn wrong and you lose your money. What factors influence forex? First of all you need to pay attention to data released by national and international financial institutions. This is data on gross domestic product, interest rate of national and international banks, consumer purchasing power etc. You should be aware of economic and political situation in the world. Statements and announcements of the world leaders can immediately send the market down or flying in the sky.

EUR/USD has dropped sharply:

The currency pair has dropped sharply from about 1.4950 to 1.4850 at the moment. It looks like deeper decline to test 1.4801 support is now in favor.

EUR/USD remains in uptrend position:

Current price of the pair 1.5069 and on the one hour chart it looks like the currency pair could remain in uptrend position and could reach levels of about 1.5090-1.5100. I guess the resistance is located around 1.5105

GBP/USD daily outlook:

GBP/USD

Trading range: 1.6590 - 1.6700

Trend: Upward

Buy at 1.6700 SL 1.6560 - 1.6680

EUR/USD is in positive trend:

Current price EUR/USD 1.4971 and on a daily chart it looks like the currency pair may reach levels of 1.5000-1.5300. The US unemployment claims will be announced today, and if negative that could be positive for the European currency.

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Trend is your key. Trade with the trend to maximize your chances to succeed. Trading against the trend won't "kill" a trader, but will definitely require more attention, nerves and sharp skills to rich trading goals.

EUR/USD current price 1.4927

The currency pair has been trading in range between 1.4800 and 1.5020. It looks like after consolidation it may rise up 1.5000-1.5020.

Retail Sales m/m for GBP to be released today:

The British retail sales have not changed in the past two months and the expectations this time is rise to 0.6% which if it happens would be positive for the GBP. The data will be released at 9:30 GMT.

EUR/USD looks in consolidation:

Current price of the pair 1.4887 and it looks like the price may rise up to 1.5000 in a couple of days after consolidation.

GBP/USD technical analysis:

This pair has extended it's positive movement towards resistance. It looks like waiting at the moment is the best option.

EUR/USD looks in uptrend position:

The currency pair is trading in between 1.4850-14870. The first resistance level is located at 1.4878 and the first support level is located at 1.4860. As we move towards the market closing hour we may see less activity of the currency pair.

Industrial Production to be released today:

The Industrial Production data will be released today and if it shows positive results it would push the EUR up to about 1.5040-1.5050.

EUR/USD may test resistance at 1.5000

If the currency pair break the support level of about 1.5000 then we may see another rise to levels of about 1.5090-1.5100

Unemployment Rate to be released today:

The forecast is 9.9%. The current price of EUR/USD 1.4893 and it looks like the currency pair may reach levels of about 1.4950-1.4980 in a few days.

Strong buy GBP/USD:

Current price GBP/USD 1.6598. The currency pair is in uptrend position. Expecting to reach the price of about 1.6630-1.6650 later on today.

Positive news for GBP:

The Services PMI data showed the highest activity since August 2007. Possible uptrend on a 4 hour chart could push the GBP later on today.

1.4900 possible for EUR/USD:

The current price is 1.4758 and it looks that on a 4 hour chart the uptrend may continue to a possible target of 1.4900 later on today. There's ADP Non-Farm Employment Change and the ISM Non-Manufacturing PMI data to be released today which could be negative towards to American currency and my push up the EUR.

Services PMI for GBP:

The service PMI data will be published on Wednesday at at 9:30 GMT. It is expected to have a positive affect over the British currency. The forecast is 55.4 and last time it the actual data was showed better results than expected.

Strong sell EUR/USD:

Current price 1.4716 and on a 4 hour chart it looks like another drop to about 1.4650 is possible later on today.

Position closed at 1.4655 (profit 61 pips)

ISM Manufacturing PMI positive for USD:

Manufacturing in the US rose very fast in October the data shown today. The result was above the expected and the american currency has pushed the EUR a bit downwards. Current price EUR/USD 1.4767 and I suppose the currency pair could go down to levels of about 1.4600 in a day or two.

Halifax HPI m/m may affect the GBP:

The last release of the Halifax HPI m/m data was on Oct 06 and it was better than the forecast which had a positive affect over the British currency. The forecast for tomorrow 02 November is 0.8%. The data is a leading indicator of the housing industry's health.