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Pounds To Dollars – Daily Chart 6th April 2009

GBP/USD Daily Candle Chart - 6th April 2009

Cable’s self esteem continues to grow apace confirmed by the bullish engulfing candle on the weekly pounds to dollars chart and with all three moving averages now pointing to a further move higher, so I hope you followed my advice of last week.  In this morning’s trading this uptrend has been further confirmed by a gapped up opening from the close of Friday night as cable now looks for a break higher towards 1.5 region and beyond.

My trading suggestion for today is to attempt small long positions but only if the price breaks above 1.4885 and, as usual, using the hourly charts for entries and exits and buying on dips.

Whilst there is no specific items of economic news relating to the pounds to dollar pairs you can still  keep up to date with all the latest fundamental news, latest currency news and live currency charts by simply following the appropriate links.  Details on an excellent ECN broker are also included.