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Pound Dollar Daily Candle Chart - 12th March 2009

Pound Dollar Daily Candle Chart - 12th March 2009

I am really getting bored with this pair as yet again cable tries to find a floor against the dollar, with the falling wedge pattern still weighing heavily and likely to cause severe instability in the short term, hence my advice to be careful with any trades.  Just to recap cable is desperately trying to avoid a fall down to 1.35 and below.  One the reasons may be that not since 1985 has cable dropped below this point which could explain the “tension” in this pair.

Fundamental news likely to affect today’s trading includes US core retail sales and, more importantly, US unemployment claims as well as speech to be delivered by new secretary, Timothy Geithner.   A more detailed explanation of the possible impact of this data can be found at the euro to dollar site – US fundamental data can impact both the euro and cable equally.

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