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Pound Dollar 21 June 2010

Pound Dollar

Pound Dollar Chart 21 June 2010

As the markets wait for tomorrow’s critical budge from the new UK government, the short term outlook for the pound dollar will very much depend on the market’s view and whether it considers the Chancellor’s budget proposals are sufficiently severe to impact the current deficit and debt.  From a technical perspective the outlook for sterling remains bullish with the 9 day moving average now crossing above the 40 day moving average, giving us a bull signal, but in early trading today cable appears to be struggling to break higher and breach the USD1.50 price point once again.  The upwards momentum from mid May has hardly been inspiring and as we now begin to run into price congestion above any upwards move may become laboured as a result.

With no fundamental news and thin trading conditions expect a narrow trading range as we wait for tomorrow’s budget.

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Currency Trading :

How UK budget is shaping up