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Pound Dollar Weekly Candle Chart – 9th March 2009

GBP/USD Weekly Candle Chart - 9th March 2009

Last weeks candle provided little in the way of direction for this week, and the sideways movement continued albeit with a bearish bias, and until we see a breakout from the current trading range, in my view this pair is impossible to trade with any degree of confidence. Whilst the general sideways trend is bearish, until we see a break below the previous level at 1.3500 then I would suggest you stay out. For a break to the upside we would need to see a move above 1.5200 before this becomes support to a move higher. It is interesting to note from this mornings price move that we are seeing a significant move downwards, which could be the first signal that the consolidation of the last few weeks is coming to an end, but I should also point out that this is in a day when there is no fundamental news whatsoever, and to suggest it is a reaction to the NFP figures on Friday in the US is nonsense in my view. Nothing in the fundamental or technical picture has changed since Friday, highlighting the structural instability  of the currency markets at the moment, all of which are in a delicate state. Whilst you may be tempted to open short positions this morning, I would advise that you wait until the end of the week, and see the candle that is created as a result.

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