Dollars to Pounds Daily Chart 19th May 2009

Dollars to Pounds Daily Chart 19th May 2009

Having facetiously suggested that yesterday we would see an up bar, purely based on the previous sequence of up and down days cable duly delivered with a wide spread up bar breaking above the 9 day moving average and closing well above 1.53 adding a bullish tone to the sideways movement of the last couple of weeks.  This has continued in this morning’s trading and we should now see a significant move to the upside in the medium term presenting excellent buying opportunities for trend trading in cable over the next few weeks.  My trading suggestion is to therefore buy on any pullback in the market and looking to an initial target of 1.55 and then onto 1.5750.

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