Pound to Dollar - Daily Candle Chart 20th March 2009

Pound to Dollar - Daily Candle Chart 20th March 2009

The honour of being the worst performing currency against the US dollar goes to the British Pound which is still locked in the downward sloping wedge of the last 3 months.  If Wednesday’s seismic shock to the financial markets could only produce a paltry move of 150 pips it does beg the question as to what, if anything, will it take to reverse the current down ward trend.  Whilst the close of yesterday finished above the moving averages I would hesitate to suggest that this proof positive of a bullish signal and certainly from this morning’s trading session the reverse seems to be true with the high of yesterday and today remaining contained the downward sloping trend line.

There is no fundamental news of any note other than a speech by Ben Bernanke entitled “The Financial Crisis and Community Banking” which is followed by a question and answer session may produce some market reaction.

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