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How-to-decipher-forex-quotes
By Lorna Goldsborough
Learning to read forex quotes can be a challenge. They present different information than the standard common stock quotes with which most folks are familiar. Should you determine, after spending plenty of time building a forex trading strategy, that you are ready to enter the forex trading market, then you need to make sure that you know how to properly read the foreign exchange trading quotes.
The first part of the quote lets the forex trader know which is involved. The nation listed first is referred to as the base currency. This means the trader currently holds that and he is using it to buy the quote currency, sometimes called the trade currency. For example, a quote that reads USD/JPY means that the forex trader currently holds United States Dollars and wants to trade them for Japanese Yen. Forex quotes always begin this way, with the two currencies involved forming what's called the cross.
The second part of forex quotes that you need to look at is the pricing portion of the quote. To continue the example from above, if the quote read USD/JPY=117.57, then the trader knows that for every 1 US dollar he trades, he will get 117.57 Japanese Yen in return. While that may seem really simple, there are a few more details of these quotes that the forex trader needs to take note of before making the foreign exchange trade.
Following the initial line of the quote, which contains the two currencies that form the cross and the exchange rate, is another line of information. This is probably more familiar to common
REG-MW TOPS GLOBAL ALPHA GBP SHARES: Index Levels and Weightings <IEB52F6F4.I>
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.reuters.com/article/idUS139288+03-Sep-2010+HUG20100903" style="font-size:1.2em">REG-MW TOPS GLOBAL ALPHA GBP SHARES: Index Levels and Weightings <IEB52F6F4.I></a>
<br> <span style="color:#888888;">Reuters</span> - <span style="white-space:nowrap">4 hours ago </span>
<div style="width:80%;">MW TOPS GLOBAL ALPHA INDEX (the "INDEX") INDEX LEVEL AND INDEX WEIGHTINGS The index level and weightings of each of the undermentioned three currency lines of the Index as at the close of business ...</div>
</div>
British Pound Testing Channel Resistance
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/technical/elliott_wave/gbp-usd/2010/09/03/ewaves_oil.html" style="font-size:1.2em">British Pound Testing Channel Resistance</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">5 hours ago </span>
<div style="width:80%;">No change: ?The British Pound has not found the support that the Euro has enjoyed. Watch the channel for support as well as 15250 and 15125. The pattern of the decline from 16000 is not clear-so ...</div>
</div>
Bullish Pressure Building on CurrencyShares British Pound Sterling Tr; FXB
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.learningmarkets.com/News-Feed/2010090344187/bullish-pressure-building-on-currencyshares-british-pound-sterling-tr-fxb.html" style="font-size:1.2em">Bullish Pressure Building on CurrencyShares British Pound Sterling Tr; FXB</a>
<br> <span style="color:#888888;">Learning Markets</span> - <span style="white-space:nowrap">10 hours ago </span>
<div style="width:80%;">CurrencyShares British Pound Sterling Tr (FXB) [Chart - Analysis - News] lost some ground during trading yesterday, but it appears there is some bullish pressure building up in the background ...</div>
</div>
Great British Pound (GBP) Technical Major Currencies (2010-09-03)
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.ibtimes.com/articles/48995/20100903/great-british-pound-gbp-technical-major-currencies-2010-09-03.htm" style="font-size:1.2em">Great British Pound (GBP) Technical Major Currencies (2010-09-03)</a>
<br> <span style="color:#888888;">International Business Times</span> - <span style="white-space:nowrap">13 hours ago </span>
<div style="width:80%;">The pair continues to trade within the short-term descending channel, where another subsidiary deprecating channel is forming that is keeping the negative pressures on the pair's trading, which is ...</div>
</div>
Great British Pound vs. Japanese Yen (2010-09-03)
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.ibtimes.com/articles/48972/20100903/great-british-pound-vs-japanese-yen-2010-09-03.htm" style="font-size:1.2em">Great British Pound vs. Japanese Yen (2010-09-03)</a>
<br> <span style="color:#888888;">International Business Times</span> - <span style="white-space:nowrap">14 hours ago </span>
<div style="width:80%;">The GBP/JPY pair is still building a base to be able to breach the key resistance of 130.50 and whilst the uptrend line which carries the upside momentum still hold. Consequently, we keep our ...</div>
</div>
UK Economy Cooling; Pound Downside Target Remains 1.5113
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.forexhound.com/article/Pattern_Price_Time/Analysis/UK_Economy_Cooling_Pound_Downside_Target_Remains_15113/234427" style="font-size:1.2em">UK Economy Cooling; Pound Downside Target Remains 1.5113</a>
<br> <span style="color:#888888;">Forex Hound</span> - <span style="white-space:nowrap">17 hours ago </span>
<div style="width:80%;">Concerns over a slowdown in UK manufacturing growth and mortgage market worries helped pressure the British Pound. Sterling investors seem to be pre-occupied lately over the new austerity measures ...</div>
<a href="http://www.economy-news.co.uk/british-pound-03201009.html">Exchange rates: Service data pressures the British Pound</a> - <span style="color:#888888">Economy News</span><br>
</div>
Forex: GBP/USD rises to 1.5425, intra-day high
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.fxstreet.com/news/forex-news/article.aspx?storyid=989db3d3-27f6-47f7-a33c-5f8e7d2ec68e" style="font-size:1.2em">Forex: GBP/USD rises to 1.5425, intra-day high</a>
<br> <span style="color:#888888;">FXstreet.com The Forex Market</span> - <span style="white-space:nowrap">18 hours ago </span>
<div style="width:80%;">FXstreet.com (Barcelona) - The British Pound edged up against the Greenback overnight, moving further away from a 1-month low at 1.5325 reached on Aug 31. The upmove hit an intra-day high at 1 ...</div>
</div>
British Pound Forecast to decline Against Japanese Yen
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/technical/ssi/gbp-jpy/2010/09/02/ssi_gbp-jpy.html" style="font-size:1.2em">British Pound Forecast to decline Against Japanese Yen</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Sep 2, 2010 </span>
<div style="width:80%;">GBPJPY ?The ratio of long to short positions in the GBPJPY stands at 2.04 as nearly 67% of traders are long. Yesterday, the ratio was at 1.46 as 59% of open positions were long. In detail, long ...</div>
</div>
British Pound Decline May Extend Below 15000
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/technical/elliott_wave/gbp-usd/2010/09/02/British_Pound_Decline_May_Extend_Below_15000.html" style="font-size:1.2em">British Pound Decline May Extend Below 15000</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Sep 2, 2010 </span>
<div style="width:80%;">The pattern of the decline from 16000 is not clear-so the decline is probably not complete. One possibility is a double zigzag. The 2 legs would be equal at 14980, which is defended by the July ...</div>
</div>
British Pound Under Pressure Amid IMF Debt Concerns, Weak Housing Data
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/top_fx_headlines/2010/09/02/British_Pound_Under_Pressure_Amid_IMF_Debt_Concerns.html" style="font-size:1.2em">British Pound Under Pressure Amid IMF Debt Concerns, Weak Housing Data</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Sep 2, 2010 </span>
<div style="width:80%;">During the overnight trade, the IMF warned that Portugal, Italy, and Greece are amongst the countries with the highest risk of unsustainable debt, while also adding that UK's debt to GDP could ...</div>
</div>
stock traders. Bid prices and ask prices, which make up an integral part of forex quotes, function in trading forex much the same way. The bid price is the price at which you can sell the currency. In other words, that is the price that people are willing to pay for it. The buy price is what you will have to pay if you want to buy the currency. There is usually a difference between these two numbers, but it is seldom substantial.
While it is possible to trade forex in any number of currencies, the largest numbers of forex quotes that are traded every day involve what are known as the majors. The US Dollar, Japanese Yen, Euro, British Pound, Swiss Franc, Canadian Dollar and Australian Dollar make up more than 85% of all forex trades. These currencies make up the most stable markets in the world and carry the most volume. These facts make them the safest foreign exchange currencies to trade. It is not likely that you will end up holding huge amounts of worthless money. Article Source: http://www.upublish.info About the Author:
Lorna Goldsborough
For more information on forex trading, please visit http://www.forextradinexplained.co.uk Ready to copy Article in either text or html format:
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REG-MW TOPS GLOBAL ALPHA GBP SHARES: Index Levels and Weightings <IEB52F6F4.I>
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.reuters.com/article/idUS139288+03-Sep-2010+HUG20100903" style="font-size:1.2em">REG-MW TOPS GLOBAL ALPHA GBP SHARES: Index Levels and Weightings <IEB52F6F4.I></a>
<br> <span style="color:#888888;">Reuters</span> - <span style="white-space:nowrap">4 hours ago </span>
<div style="width:80%;">MW TOPS GLOBAL ALPHA INDEX (the "INDEX") INDEX LEVEL AND INDEX WEIGHTINGS The index level and weightings of each of the undermentioned three currency lines of the Index as at the close of business ...</div>
</div>
British Pound Testing Channel Resistance
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/technical/elliott_wave/gbp-usd/2010/09/03/ewaves_oil.html" style="font-size:1.2em">British Pound Testing Channel Resistance</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">5 hours ago </span>
<div style="width:80%;">No change: ?The British Pound has not found the support that the Euro has enjoyed. Watch the channel for support as well as 15250 and 15125. The pattern of the decline from 16000 is not clear-so ...</div>
</div>
Bullish Pressure Building on CurrencyShares British Pound Sterling Tr; FXB
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.learningmarkets.com/News-Feed/2010090344187/bullish-pressure-building-on-currencyshares-british-pound-sterling-tr-fxb.html" style="font-size:1.2em">Bullish Pressure Building on CurrencyShares British Pound Sterling Tr; FXB</a>
<br> <span style="color:#888888;">Learning Markets</span> - <span style="white-space:nowrap">10 hours ago </span>
<div style="width:80%;">CurrencyShares British Pound Sterling Tr (FXB) [Chart - Analysis - News] lost some ground during trading yesterday, but it appears there is some bullish pressure building up in the background ...</div>
</div>
Great British Pound (GBP) Technical Major Currencies (2010-09-03)
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.ibtimes.com/articles/48995/20100903/great-british-pound-gbp-technical-major-currencies-2010-09-03.htm" style="font-size:1.2em">Great British Pound (GBP) Technical Major Currencies (2010-09-03)</a>
<br> <span style="color:#888888;">International Business Times</span> - <span style="white-space:nowrap">13 hours ago </span>
<div style="width:80%;">The pair continues to trade within the short-term descending channel, where another subsidiary deprecating channel is forming that is keeping the negative pressures on the pair's trading, which is ...</div>
</div>
Great British Pound vs. Japanese Yen (2010-09-03)
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.ibtimes.com/articles/48972/20100903/great-british-pound-vs-japanese-yen-2010-09-03.htm" style="font-size:1.2em">Great British Pound vs. Japanese Yen (2010-09-03)</a>
<br> <span style="color:#888888;">International Business Times</span> - <span style="white-space:nowrap">14 hours ago </span>
<div style="width:80%;">The GBP/JPY pair is still building a base to be able to breach the key resistance of 130.50 and whilst the uptrend line which carries the upside momentum still hold. Consequently, we keep our ...</div>
</div>
UK Economy Cooling; Pound Downside Target Remains 1.5113
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.forexhound.com/article/Pattern_Price_Time/Analysis/UK_Economy_Cooling_Pound_Downside_Target_Remains_15113/234427" style="font-size:1.2em">UK Economy Cooling; Pound Downside Target Remains 1.5113</a>
<br> <span style="color:#888888;">Forex Hound</span> - <span style="white-space:nowrap">17 hours ago </span>
<div style="width:80%;">Concerns over a slowdown in UK manufacturing growth and mortgage market worries helped pressure the British Pound. Sterling investors seem to be pre-occupied lately over the new austerity measures ...</div>
<a href="http://www.economy-news.co.uk/british-pound-03201009.html">Exchange rates: Service data pressures the British Pound</a> - <span style="color:#888888">Economy News</span><br>
</div>
Forex: GBP/USD rises to 1.5425, intra-day high
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.fxstreet.com/news/forex-news/article.aspx?storyid=989db3d3-27f6-47f7-a33c-5f8e7d2ec68e" style="font-size:1.2em">Forex: GBP/USD rises to 1.5425, intra-day high</a>
<br> <span style="color:#888888;">FXstreet.com The Forex Market</span> - <span style="white-space:nowrap">18 hours ago </span>
<div style="width:80%;">FXstreet.com (Barcelona) - The British Pound edged up against the Greenback overnight, moving further away from a 1-month low at 1.5325 reached on Aug 31. The upmove hit an intra-day high at 1 ...</div>
</div>
British Pound Forecast to decline Against Japanese Yen
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/technical/ssi/gbp-jpy/2010/09/02/ssi_gbp-jpy.html" style="font-size:1.2em">British Pound Forecast to decline Against Japanese Yen</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Sep 2, 2010 </span>
<div style="width:80%;">GBPJPY ?The ratio of long to short positions in the GBPJPY stands at 2.04 as nearly 67% of traders are long. Yesterday, the ratio was at 1.46 as 59% of open positions were long. In detail, long ...</div>
</div>
British Pound Decline May Extend Below 15000
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/technical/elliott_wave/gbp-usd/2010/09/02/British_Pound_Decline_May_Extend_Below_15000.html" style="font-size:1.2em">British Pound Decline May Extend Below 15000</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Sep 2, 2010 </span>
<div style="width:80%;">The pattern of the decline from 16000 is not clear-so the decline is probably not complete. One possibility is a double zigzag. The 2 legs would be equal at 14980, which is defended by the July ...</div>
</div>
British Pound Under Pressure Amid IMF Debt Concerns, Weak Housing Data
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/top_fx_headlines/2010/09/02/British_Pound_Under_Pressure_Amid_IMF_Debt_Concerns.html" style="font-size:1.2em">British Pound Under Pressure Amid IMF Debt Concerns, Weak Housing Data</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Sep 2, 2010 </span>
<div style="width:80%;">During the overnight trade, the IMF warned that Portugal, Italy, and Greece are amongst the countries with the highest risk of unsustainable debt, while also adding that UK's debt to GDP could ...</div>
</div>
Commonly used term for foreign exchange.
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