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Dollars to Pounds – GBP/USD – Daily Chart 18th May 2009

Dollars to Pounds Daily Chart - 18th May 2009

The dollars to pounds pair continues to move in its metronomic pattern with each day reversing the previous day’s price action, in other words every up day is followed by a down day and vice versa, and therefore today we should expect an up-bar as Friday was a down bar!!!  Lo and behold, and joking apart, trading so far this morning has been up for the pound dollar.  I am not suggesting for one moment that this is a new way of swing trading or indeed that it has any significance whatsoever, other than it is symptomatic of the indecision, sideways movement, and general consolidation prevalent in the market at present.  This price region (1.51-1.52) may prove to be a turning point but until we see a sustained break above then this is hard to confirm or deny.  With all three moving averages pointing higher my inclination is that we will see a break to the upside in due course but with a spinning top candle on the weekly chart we may have to wait a little longer.

The fundamental news on the economic calendar really starts tomorrow in earnest with CPI figures in the UK and Building Permits and Housing Starts in the US both of which could provide some much needed momentum to the pair following last week’s metronomic price action.

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.