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Forex – Pounds To Dollars 5th January 2010

Pound Dollar Chart - Forex GBP/USD Chart 5th January 2010

Pound Dollar Chart - Forex GBP/USD Chart 5th January 2010

Following December’s sell off in the pounds to dollars currency pair, January has opened in much the same vein, with the tweezer top at 1.62 further reinforcing the bearish sentiment now clearly evident in the daily chart, which was further reinforced yesterday with a wide spread down candle that closed below all three moving averages once again. However, we are now approaching the lower level of the recent sideways consolidation of the last few months which may once again provide a degree of support and a  bounce higher from this level may be expected in due course. For any sustained move lower we need to see a break and hold below the 1.58 level, and should this occur in due course, then we can assume that Cable has at last found some direction with the bears taking control once again. All the major currency pairs are now trading in a relatively narrow range ahead of Friday’s key NFP data which may well define the longer term direction for the major currency pairs.

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