why there are so many spikes in the chart?

I asked this question before, but no one bothered to answer. Can anyone tell me why there are so many spikes in the chart? In the chart, one spike hit 1.6200 but I find that there is not recond of such trading at this price.

This is the chart of GBP/USD.
 

Attachments

This happens a lot on FX charts because so many banks and institutions contribute to most feeds you have these outlier (errors) quotes.

Below is the banks and institutions eSignal gets from their provider GTIS. Sorry it takes up so much room.


_________________________________________


ABAA
ABN Amro, Amsterdam

GE
ADP/GTIS, London

GT
ADP/GTIS, New York

GART
ADP/GTIS, Tokyo

AD
Allied Irish Bank, Dublin

AM
Akmos Trade, Moscow

AN
American International Group, New York

ASAT
Asahi Bank, Tokyo

AB
Australia New Zealand Banking Group, Sydney

AXIP
AXIME-Scope Software Provider

BI
Banco Commerciale Italiana, London

BESP
Banque Escompte

BE
Banco Espirito Santo e Comercial de Lisboa, London

BK
Bangkok Bank

AS
Bank of America, Singapore

AT
Bank of America, Tokyo

BKCH
Bank of China, Hong Kong

BW
Bank of New Zealand, Wellington

BAIP
Banque Indosuez, Paris

BAIS
Banque Indosuez, Stockholm

BX
Banque Nationale de Paris, Hong Kong

BP
Banque Nationale de Paris, New York

BS
Banque Nationale de Paris, Singapore

NP
Banque Nationale de Paris, Sydney

BPAP
Banque Paribas

BN
Banque Worms, Hong Kong

BL
Barclays Bank, London

BART
Barclays Bank, Tokyo

BC
Barclays Bank, New York

BDBP
BIP-Dresdner Bank

BNPP
BNP Finance

BBAA
British Bankers Association

BTMT
BTM Bank, Tokyo

CDDP
Caisse des Depots, Paris

IT
Canadian Imperial Bank of Commerce, Toronto

CMSN
Capital Market Services, New York

CJ
Cariplo Bank, NYC

CI
CCM International, New York

HT
Chase Manhattan Bank, Tokyo

KL
Chemical Bank, London

KN
Chemical Bank, New York

CMBT
Chuo Mitsui Bank, Tokyo

CD
Citibank, Dublin

CF
Citibank, Frankfurt

CK
Citibank, Hong Kong

CL
Citibank, London

CN
Citibank, New York

CG
Citibank, Singapore

CS
Citibank, Sydney

CT
Citibank, Tokyo

CO
Citibank, Toronto

CBAL
Commonwealth Bank of Australia, LDN

CB
Commonwealth Bank of Australia, Melbourne

MT
Commonwealth Bank of Australia, Sydney

CFKS
Consensus FK, Stockholm

CPRP
CPR Intermediation

CAGP
Credit Agricole, Paris

CCOP
Credit Commercial

CC
Credit Commercial de France, Hong Kong

CICP
Credit Industrial et Commercial

CRLP
Credit Lyonaiss, Paris

CZ
Credit Suisse, Zurich

CH
Currency Management Corp.

CM
Currency Management Corp, London

GF
DG Bank, Frankfurt

DS
Dah Sing Bank, Hong Kong

DAEL
Daiwa Europe, London

DH
Dao Heng, Hong Kong

DEBP
Den Danske Bank, Copenhagen

DO
Den Norske Bank, Oslo

DEUT
Deutsche Bank, Tokyo

DKBT
DKB Bank, Tokyo

AF
Dresdner Bank AG, Frankfurt

EPFS
Erik Penser FK, Stockholm

FOBS
Foreningsbanken, Stockholm

FJIT
Fuji Bank, Tokyo

GGBN
Garbin GuyButler/Garban

GARN
Garvin BENCHMARK COMPOSITE, New York

GEBB
General Bank, Brussels

GH
Generale Bank, Hong Kong

GFT
Global forex Trading, Michigan

GOSP
Goldman Sachs, Paris

GPXN
GOVPX Full Service, New York

GPIN
GOVPX Indicative Service, New York

HABL
Hambros Bank, London

HN
Hantec International Limited

BH
Harlow Butler London

HM
Harlow Meyer Savage, New York

HA
Harris Trust, Chicago

HH
Hong Kong and Shanghai, Hong Kong

HS
Hong Kong and Shanghai, Sydney

IBJT
IBJ Bank, Tokyo

ID
Indover Asia Limited, Hong Kong

IN
Intercap Investments, New York

IS
Indosuez Australia Limited, Sydney

ISML
ISMA, London

II
Italian International Bank, London

JPBS
JP Bank, Stockholm

JPML
JP Morgan, London

JPMP
JP Morgan et Cie

JBAA
Japan Bankers Association

JBBT
Japan, Bond Brokers, LTD.

KA
Kaes USA Inc., Miami

KZ
Katonalbank, Zurich

KH
Kwangtung Provincial Bank, Hong Kong

LB
La Bouchere Amsterdam

LH
Lee Fung Hong, Hong Kong

LEBL
Lehman Brothers, London

LY
Lloyds Bank NZA Limited, Sydney

LDFP
Louis-Dryfus fin.

MQ
Macquarie Bank Limited, Sydney

MP
Mees Pierson, Amsterdam

LP
Mellon Bank, Pittsburg

MR
Merita Bank, Helsinki

MIDS
Midlandbank, Stockholm

MIML
Midland Montagu, London

MTBT
Mitsubishi Trust Bank, Tokyo

ST
Mitsui Sumitomo, Tokyo

MO
Mocatta Metals, London

JMGF
Morgan Guaranty, Frankfurt

MG
Morgan Guaranty, New York

MOSP
Morgan Stanley

RL
NM Rothschilds, London

NA
National Australia Bank, Melbourne

NK
NatWest Markets Australia LTD. Sydney

NL
National Westminster Bank, London

NW
National Bank of New Zealand, Wellington

CF
Nomura Bank, AMS

NORS
Nordbanken, Stockholm

NRIT
Norin Bank, Tokyo

OJFS
Ohman J:or FK , Stockholm

HC
OHV, Amsterdam

OH
OKO Bank, Helsinki

PH
Po Sang Bank Ltd., Hong Kong

PK
Postipankki, Helsinki

RA
Rabobank, Amsterdam

RU
Rabobank, Ultrecht

RF
Rada Forex, New York

RC
Royal Bank of Canada, London

RT
Royal Bank of Canada, Toronto

RS
Republic Mase Westpac, Sydney

RH
Republic National Bank, Hong Kong

RN
Republic National Bank, New York

SWAT
Sanwa Bank, Tokyo

SCSP
Scope Simulation Provider

SEBS
SE Banken, Stockholm

SEBL
SE Bank, London, England

SCBT
Shinkin Central Bank, Tokyo

SSIT
Shinsei Bank, Tokyo

SHOT
Shochu Bank, Tokyo

VN
Skandinaviska, New York

VG
Skandinaviska, Singapore

SE
Societe Generale Austrialia Ltd Sydney

SG
Societe Generale, New York

SH
Standard Chartered Bank, Hong Kong

SW
State Bank of New South Wales, Sydney

STBT
Sumitomo Trust Bank, Tokyo

SF
Sun Hunk Kai Limited, Hong Kong

SVES
Svenska, Stockholm

SB
Svenska Hanelsbanken, New York

SVRS
Sveriges Riksbank, Stockholm

SWES
SwedBank, Stockholm

SN
Swiss Bank, New York

TF
Taipei Forex, Taipei

TKAT
Tokai Bank, Tokyo

TBBL
Tradition Bond Brokers, Ldn

TRNS
Transferator, Stockholm

TT
Trasy Gold Limited

TU
Trinkhaus, Dusseldorf

TG
Tullete & Tokyo, Singapore

TL
Tullete & Tokyo, London

TN
Tullete & Tokyo, New York

TM
Tullete & Tokyo, Manama

TS
Tullete & Tokyo, Sydney

UBST
UBS Bank, Tokyo

AY
Ulster Bank

UNIC
Unibors, Copenhagen

UH
Union Bank of Finland, Helsinki

UBSS
Union Bank of Switzerland

UG
Union Bank of Switzerland, Geneva

UC
Union Bank of Switzerland, New York

UW
Union Bank of Switzerland, Sydney

UZ
Union Bank of Switzerland, Zurich

SC
Warburg DR, Hong Kong

WZ
Warburg DR, Zurich

WP
Westpac Banking Corp, London

WY
Westpac Banking Corp, Sydney

WOGT
Wood Gundy, Canada

YKOT
Yokohama Bank, Tokyo

YTBT
Yasuda Trust Bank, Tokyo
 
Quote from ADX_trader:

JayS

Thanks!. Does it mean FX trading is much error prone? I am still learning it but it seems to be a very lousy market.


I think its because the trading is so fragmented (not a central location) that good clean data is hard to get. I don't think FX trading itself is error prone.

The EUR and JPY are great to trade (along with the EUR/JPY), atleast for me.
 
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