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Forex Pounds to Dollars 19 March 2010

Pound vs Dollar Chart 19 March 2010

The recent short squeeze on the pounds vs USD pair now seems to be over with Wednesday’s candle topping out at USD1.54 and falling well short of the 40 day moving average as a result, and much in line with our forecast of last week.  Yesterday’s narrow spread down candle merely served to reinforce this short term move higher and in early trading today the pounds to dollar pair has declined rapidly in the London trading session as it now approaches possible support on the 9 and 14 day moving averages.  Should these be breached by the close of business Friday then expect a re-test of USD1.50 early next week and any break below this level will accelerate the bearish momentum once again and expect to see USD1.48 and USD1.45 appear in due course.  Today, of course, is triple witching with options and futures expiring across all markets so we can expect heavy trading and increased volatility as a result.  With open interest volumes increasing daily & prices failing to rise this is adding huge pressure to the British Pound which is also suffering against the backdrop of a possible hung parliament.

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