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Pounds to Dollars Forex Forecast 19 July 2010

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Pounds to Dollars Forex Chart 19 July 2010 (Weekly)

An interesting week for the pounds to dollars pair which ended the forex trading session on the weekly chart as a narrow spread up candle but with deep wicks to the top and bottom. The high of the week ran into resistance from the 40 week moving average whilst the low of the week found support from the 14 week moving average giving us a conflicting technical picture.  However, the bullish sentiment appears to be in ascendancy at present which is further confirmed by the 9 week moving averages crossing the 14 week giving us a positive bullish signal.  As such we should expect to see cable rally further this week, although once again it may run into the 40 week moving average and cap any rise to USD1.55 or marginally higher.

Bernanke testimony to have big influence on this week’s forex trading.