pounds to dollars

Pounds to Dollars Forex Chart 2 July 2010

A minor pullback for sterling on Wednesday  which closed the forex trading session back below the psychological USD1.50 once again in a modest upwards trend. However, despite the lack of momentum this bullish sentiment seems set to continue with yesterday’s down candle finding support from the 9 day moving average immediately below and indeed in early trading this morning the probe lower by cable has prompted support from the 14 day moving average.  As a result we can expect to see cable drift higher over the next few days but lacking any real purpose or conviction, as we run into resistance at the USD1.5224 area, when the move is likely to run out of steam, if not before.

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