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Pounds To Dollars – Daily Candle Chart 1st April 2009

GBP/USD - Daily Candle Chart 1st April 2009

Yesterday’s candle went some way to injecting a small degree of a bullish flavour to the pounds to dollar currency pair closing the day 90 pips higher and on the back of Monday’s hammer candle.  This morning’s price action was given a fillip from the better than expected UK manufacturing data which came in 39.1 against a forecast of 34.9.  This afternoon we have important US data which includes the ADP non farm employment numbers (generally an excellent guide to the more significant nfp data on Friday), ISM manufacturing and pending home sales, coupled with the crude oil inventories.  This bundle has been covered in more detail on my euro to dollar site.

With prices this morning having crossed both the 14 and 40 day moving averages and with the low of the day having bounced off the 40 day I would suggest tentative small long positions could be attempted today, but do bear in mind with the G20 now in progress we could see some unscheduled, volatile moves.

You can keep up to date with all the latest currency news, live currency charts and fundamental data by simply following the relevant links.  Details on an excellent ECN broker have also been included.