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Pounds To Dollars – 25th February 2009

Pounds To Dollars Daily Chart - 25th February 2009

The GBP/USD currency pair is becoming impossible to trade at the moment, along with the euro dollar and several other majors. All are behaving in a completely random way, and increasingly professional traders that I am in contact with daily, are waiting on the sidelines for the current random price action to settle, before re-entering the market. I would advise you do the same for the time being, as the conflicting statements from leading government and banking officials is doing little to calm the markets, or provide anything in the way of a trend, and much of the trading is a a complete lottery at the moment. So be patient, wait and stay out of cable for the time being. I have drawn the pennant on just for completeness, and we now have to wait. This morning saw the revised GDP figures come in at -1.5% against a forecast of 1.6%, a number which had little impact as we wait for more earth shattering revelations from Bernanke this afternoon!!

The short term, medium term and long term outlook are all sideways!!