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Pounds to Dollars Forex 16 Juy 2010

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The gbp usd continued its recent short term bullish trend, helped along by the FED’s minutes, ending yesterday’s trading session as a wide spread up candle which touched USD1.5472 as the high of the day and closed marginally below this level at the end of the forex trading session.  We are now approaching a key technical point for the pound dollar where a potential reversal level at USD1.5523 meets the 200 day moving average and this could prove to be seminal for the longer term development of this rally.  If this is breached then expect to see the rally continue and if not we could see a pullback of some magnitude.