Pound Dollar - Currency Chart Daily Candle 16th April 2009

Pound Dollar - Currency Chart Daily Candle 16th April 2009

The 1.5000 price point is now proving to be the defining level for the pound to dollar pair, and yesterday’s upbar failed to hold above this closing the day marginally below, having attempted to rise above.   This morning’s trading has provided an identical pattern with another failed attempt to clear this price point and we are now at a stage where only a weekly close above this level will confirm whether cable is ready to start its climb back against the US dollar.  A quick glance at the weekly chart would suggest that this may not be the case at present, and much will depend on the price action of today and tomorrow.

With the pounds to dollars forex rate now at such a sensitive point it may be prudent to step aside from this pair unless and until we have a clearer indication based on the weekly chart.   In this case patience is indeed a virtue and will be pay handsome in the longer term.

This is little in the way of significant news for the British Pound and all the fundamental news on the economic calendar relating to the US dollar is detailed in the eurodollar site.  In the meantime you can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links.  I have also included details on an excellent ECN broker.