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Pounds To Dollars – 13th February 2009

Pounds To Dollars - Daily Candle Chart 13th February 2009

Whilst yesterday’s candle was indeed a down bar as expected, prices recovered later in the session and we ended the day with a small doji, which may indicate a short term reversal in prices for today for the pound dollar pair. The candle finished below all three averages, and for any reversal to be meaningful we would need to see a move back over the 1.5000 level and beyond. I suspect any reversal my be a short squeeze back up into the congestion area above. I would therefore suggest for today that you stay out of the market, particularly as the G7 meeting is now in progress and any volatility may occur over the weekend. If you have profitable short positions I would close these out today for the simple reason that markets may open gapped up or gapped down on Sunday evening which will provide a good trading signal for Monday morning.

There is no fundamental news in the UK today, and the only key figures are due out in the US later this afternoon – more details can be found at the euro to dollar site. Have a great weekend and I will be back on Monday.