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Forex Pounds to Dollars 1 March 2010

Pounds to USD 1 March 2010

The bearish sentiment towards sterling continued last week with the pounds to dollars pair ending with a narrow spread down bar which once again closed below all four moving averages propelling cable towards our short term target of USD1.50 with a much deeper move now in prospect.  Indeed in today’s trading cable promptly collapsed moving 400 pips lower in the early London session before recovering a modicum of poise to hover below the USD1.50 price handle.  Across all sterling pairs the British Pound was hammered largely as a result of any downgrade to the triple AAA status on gilts coupled with the political uncertainty in the background.  Technically the daily pounds to usd chart remains heavily bearish and any move higher, either intra day or in the shorter timescales, should be seen a selling opportunity to open fresh short positions.

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