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Dollars To Pounds – GBP/USD Daily FX Chart 11th June 2009

Pounds To Dollars - GBP vs USD Daily Chart 11th June 2009

The pounds to dollars pair is proving to be the exception to the general rule regarding a lack of dollar direction at present, with the UK pound positively soaring as it attacks the 1.65 price target outlined in yesterday’s market commentary.   The strength of the pound can partly be attributed to the stabilizing of the political turmoil in the UK as well as several items of fundamental news on the economic calendar of the past few days which have suggested that the UK economy may be bottoming out from the present recession.  With all three moving averages pointing higher, and with the 9 day providing solid support to the intra day lows, the bullish momentum now seems firmly established once again and we can now look towards our next interim price target of 1.6725 which we should achieve in the next few days.

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