Pounds To Dollars - GBP/USD Daily FX Chart 10th June 2009
With the calming of the political waters in the UK, and our zombie of a Prime Minister safely back in Downing Street with all his cronies, Cable has firmly re-established its bullish tone surging up in yesterday’s trading session, ending the day on a wide spread up bar which closed above the 9 and 14 day moving averages.  This momentum has carried through into the London session this morning and we are well on the way to approaching our short term target of 1.65 outlined in yesterday’s market commentary and in spite of worse than expected trade balance figures which came in at -7bn against a forecast of -6.4bn.  Our next target for this pair is now to look for a break above the previous high, achieved last week, at 1.6550 and should price level be breached then we are back on track to see a move towards 1.67 and above.

Other items of fundamental news on the economic calendar for the UK include Manufacturing Production figures which were better than expected at 0.2% versus -0.1% as were Industrial Production Figures which came in 0.3% against the same forecast figure of -0.1%.  Details of the fundamental news for the US can be found on the euro dollar site.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links.  I have also included details on an excellent ECN broker.